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PUBLIC DOCUMENT No. 9. 



TWE]STTY-FIKST 



ANNUAL REPORT 



OF THE 



Insurance Commissioner 



OF THE 



^ommontoeali^ of iilassacJMsrfts, 



January 1, 1876. 



Part II . 
Life and Accident Insurance. 



BOSTON : 

ALBERT J. WRIGHT, STATE PRINTER, 
79 Milk Street (corner of Federal). 

1876. 



tn* f x ' 



z. 



A 



TABLE OF CONTENTS. 



[For Index to Companies, see end of Volume.] 



COMMISSIONER'S REPORT. 

Page. 

Introductory, v 

Business of 1875, v 

Statistical Tables, Summary of Contents of, vi-viii 

Table A — Summary of Income, Expenditures, Assets, Liabilities, etc., . xiv 

Table B — Ratio of Net Assets to Computed Premium Reserve, . . . xviii 

Table C — Ratio of Premium Notes and Loans to Premium Reserve, . xx 

Table D — Ratio of Real Estate and other Investments to Gross Assets, . xxii 

Table E — Policies Issued, Terminated and Gained in 1875, .... xxiv 

Table F— Claims by Death in 1875, with Ratios, etc., xxviii 

Table G — Ratio of Expenses to Mean Amount Insured, .... xxxii 

Table H — Massachusetts Business, 1875, xxxvi 

Decreasing Rate of Interest, viii 

Its effect upon Life Insurance, ix 

Cooperative Insurance, ix 

Rulings of the Department, ix 

Decision of the Courts, ix-xi 

Laws relating to, xi-xii 

DETAILED STATEMENTS. 

Massachusetts Life Insurance Companies, 2-23 

Life Insurance Companies of other States, 26-159 

Accident Insurance Companies of other States, .... 162-169 
Life and Accident Companies of other States, with amount of busi- 
ness done by each, . . . . 172-177 

List of Agents and Sub- Agents authorized to act for Life and Accident 

Companies, 180-186 

APPENDIX. 

History of the Massachusetts Insurance Department, by Hon. Julius L. 
Clarke. 



TWENTY-FIEST ANNUAL KEPORT 



OF THE 



INSURANCE COMMISSIONER 



PART II. 

LIFE AND ACCIDENT INSURANCE. 



To the Honorable the Senate and House of Representatives. 

The Insurance Commissioner respectfully presents Part II. 
of the Twenty-First Annual Report of the Department under 
his charge. This volume contains the statements of all Life 
and Accident Insurance Companies transacting business in 
this Commonwealth on the first day of January, 1876. 

Since the publication of the last report, the Provident 
Savings Life Assurance Society of New York has been duly 
authorized to do business in this State. 

The number of Life Insurance Companies doing business in 
this State at the date of the publication of this Report is 
forty-two. Of these, six are home Companies, and thirty- 
six Companies of other States. Of the latter, one Company, 
the Travelers' of Connecticut, transacts an Accident business. 
There are also two Companies, duly authorized, doing Acci- 
dent business exclusively. 

Business of 1875. 
The Statistical Tables which follow the text exhibit in con- 
densed form the business of the year. The various details of 
the business of life insurance have been so fully discussed in 
the previous reports of this Department, that, without useless 
repetition, little can be said in relation thereto, until some new 



vi KEPORT OF THE 

phase invites consideration. A brief summary of the content- 
of the several tables will give most of the information of 
interest to policy-holders and the public generally. 

Table A gives the Income, Expenditures, Assets, Liabili- 
ties and Balances of the several Companies, December 31, 
1875. This table shows a general improvement in the finan- 
cial condition of the Companies. The Companies of this 
State have added $434,237 to their net surplus during the 
year, and increased the ratio of Assets to Liabilities from 
113.02 in 1874 to 114.02 in 1875. The Income is S256,385 
less than the previous year. Other items have increased as 
follows; viz., Assets, $1,808,446; Liabilities, $1,374,209; 
Expenditures, $149,510. 

Excluding from the comparison the items of the Universal 
and the Provident Savings Companies, which were not given 
in the last Report, we find that the Companies of other States 
have increased their surplus $3,823,914. The ratio of Assets 
to Liabilities is 109.83 against 109.35 for 1874. The total 
Income is $1,633,018 less than the previous year. Other 
items have increased as follows : Assets, $24,354,268 ; Lia- 
bilities, $20,530,362 ; Expenditures, $513,053. 

Table B gives the ratio of net Assets to computed pre- 
mium reserve, with corresponding ratios for 1873 and 1874. 
When first computed, for 1869, this ratio was found to be 
117.51. It diminished rapidly until 1873, at which date it 
was 108.23. At this time a gratifying change occurred; the 
ratios for 1874 and 1875 being 109.35 and 110.15 respect- 
ively. 

Table C gives the ratio of Premium Notes to Premium 
Reserve, with corresponding ratios for several years. These 
ratios indicate a general tendency toward a cash business. 
Since 1867, when this table was first compiled, this ratio has 
receded from 34.25 to 13.74. 

Table D classifies the Assets of the Companies, and ex- 
hibits the ratio of each group to the gross assets. 

Table E gives the Policies issued, terminated and gained 
in 1875, with number and amount of Policies in force Decem- 
ber 31, 1875. From this interesting table, we learn that the 
hoped-for turn in the current of the business of life insurance 
has not yet taken place. Excluding from the computation, 



INSURANCE COMMISSIONER. vii 

as before, the items of the Provident Savings and Universal 
Companies, we find that the Companies appearing in the last 
report show a large diminution in the amount of outstanding 
insurance, the whole sum being nearly $32,000,000 less 
than was reported in 1874. Of the insurance terminated 
during the year, the claims by death and matured endow- 
-ments represent about $27,000,000. The number of out- 
standing policies is 3,172 in excess of the previous year. 
The diminution in the average amount insured by each policy 
may be attributed to the large number of paid-up policies 
issued and the depressed condition of business generally. 
The encouraging fact shown by this table is the increase in 
the number of policies. Although the Companies are losing 
in the amount of insurance carried, the number of lives upon 
which the insurance is based is increasing. They are obtain- 
ing a "new" life for an "old" one, and as the advantages of 
medical selection which may have disappeared in the old 
policies are renewed in the new, there appears to be no 
reason to fear that the expected percentage of mortality 
will be seriously disturbed by reason of the lapse of policies 
on the best lives. 

Table F gives the Claims by Death during the year 1875, 
and ratios for five years of Losses to the Mean Amount 
Insured. The ratio of claims by death during the year to 
mean number of policies, is 1.19. For 1874, it was 1.08; 
for 1873, it was 1.19 ; and for 1872, it was 1.10. The ratios 
of amount of loss to mean amount insured vary correspond- 
ingly, as will be seen by reference to the table. From a 
computation made in the Department (not sufficiently elabo- 
rate for publication), it appears that some Companies are 
sustaining a mortality exceeding the expectation of the 
tables. The experience of the Mutual Life Insurance 
Company of New York, as exhibited in the very elaborate 
work prepared by Professor Bartlett, the eminent actuary, 
indicates that "the true law of vitality of assured male lives 
in the United States " lies somewhat below the standard first 
adopted by that Company, and subsequently by most of the 
States. That the experience of many younger Companies is 
different from that of the Mutual Life, is apparent from the 
published annual statements. Anxiety for business, and in- 



viii REPORT OF THE 

competent medical advisers, will overturn all calculations based 
upon mortality tables not compiled from statistics of impaired 
lives. So vital is this question of mortality to the future 
prosperity of the Companies, that it is to be hoped that other 
actuaries will follow the example of Professor Bartlett, and 
give to the public the actual experience of their Companies. 

Table G gives the ratio of expenses to the mean amount 
insured, with corresponding ratios for the nine previous years. 
This table is believed to be as fair an exhibit of the relative 
expenses of the several Companies as can be prepared from 
the data furnished to the Department. 

Table H gives the number of policies issued in this State 
during the year, and the amount insured thereby, with the 
business of the previous year for comparison. The details of 
receipts for premiums may be found in the returns of agents, 
page 172. The risks of Life Insurance Companies are migra- 
tory, to some extent, and full statistics of the business in any 
given territory are obtained with much difficulty. From the 
imperfect manner in which the returns of business in this 
State were made, the Commissioner was satisfied that little of 
value could be learned therefrom, and a full compliance with 
the requirements of the annual statement in this particular 
was not insisted upon. Carefully prepared statistics of mor- 
tality in various sections of the country would be of value to 
Life Insurance Companies, but the interest of policy-holders 
is confined principally to the business of the Companies in 
the aggregate. 

Decreasing Rate of Interest. 

Money can now be obtained upon first-class securities at a 
very low rate of interest. This fact has an important bearing 
upon the business of life insurance. Should the present rates 
prevail for any considerable length of time, the (so-called) 
profits of the Companies from this source will be very much 
diminished, if not annihilated. That the decline in the rate 
of interest did not seriously affect the Companies during 1875, 
is apparent from the statements rendered. Upon gross Assets 
of $405,288,388, the Companies doing business in this State 
received during the year, for interest and rents, $23,914,562, 
or five and nine-tenths per cent. The reserve, upon which 



INSURANCE COMMISSIONER. ix 

the Companies .ire required to earn four per cent., was $359,- 
502,966. The rate received, computed upon this sum, was 
6.65 per cent. First-class loans maturing at the present time 
can be replaced at a great reduction in the rate of interest. 
Large sums are lying idle in the hanks at a merely nominal 
rate, and such loans as Insurance Companies should invest in 
will not yield at present rates over four or four and one-half 
per cent. net. Agents should bear this fact in mind when 
soliciting, and policy-holders must expect that their dividends 
will diminish from this cause. From present appearances, 
the staudard of valuation adopted by this State (four per 
cent.) is none too high for safety. 

Cooperative Insurance. 

Numerous letters from parties resident in other States, and 
frequent inquiries at the Department, indicate that a general 
misapprehension exists as to the provisions of the laws of 
this Commonwealth relating to this form of life insurance. 
This Department has always ruled that associations conduct- 
ing the business of life insurance under what is known as the 
"cooperative plan," must be treated as Life Insurance Com- 
panies, and required to conform to all laws relating to such 
Companies. This ruling has twice been sustained by the 
supreme judicial court of this State. In the special report of 
the Insurance Commissioner (Hon. Julius L. Clarke), issued 
in December, 1871, the decision in the first case is given in 
full. As the same has never appeared in the annual reports 
of the Department, it is here inserted, together with the 
remarks of Mr. Clarke relating to the subject. 

The annexed decision of the supreme judicial court of the Com- 
monwealth became accessible too late for publication in the Massa- 
chusetts Life Report recently issued. As a matter of public inter- 
est and importance, especially in the department of life insurance, 
it may appropriately have place in these pages. The case in which 
the decision was rendered was that of the Commonwealth v. George 
R. Wetherbee, an agent of the Connecticut Mutual Benefit Com- 
pany of New Haven. The Company had twice applied for admis- 
sion to do business in Massachusetts, but was refused because of 
its financial inability to meet the requirements of law, and also 



x REPORT OF THE 

because of the utter worthlessness of its so-called cooperative 
scheme. 

While soliciting insurance without authority, and in defiance of 
law, Wetherbee was arrested at Worcester in the spring of 1870. 
and held for trial before the superior court, from which, upon con- 
viction, the case went to the supreme court on exceptions, the 
Company claiming to be a purely benevolent institution, and not an 
Insurance Company. The case was argued before Judge Gray, at 
the October term of the court, in the same year, Attorney-General 
Allen appearing for the Commonwealth. The opinion of the court, 
recently filed, is as follows : — 

"A contract of insurance is an agreement by which one party, for a con- 
sideration (which is usually paid in money, either in one sum, or at different 
times during the continuance of the risk), promises to make certain payment 
of money upon the destruction or injury of something in which the other 
party has an interest. In fire insurance and marine insurance, the thing 
insured is property ; in life or accident insurance, it is the life or health of a 
person. In either case, neither the times and amounts of payments by the 
assured, nor the mode of estimating or securing the payment of the sum to 
be paid by the insurer, affects the question whether the agreement between 
them is a contract of insurance. All that is requisite to constitute such a 
contract is the payment of the consideration by the one, and the promise of 
the other to pay the amount of the insurance upon the happening of injury 
to the subject by a contingency contemplated in the contract. The contract 
made between the Connecticut Mutual Benefit Company and each of its 
members, by the certificates of membership issued according to its charter, 
does not differ in any essential particular of form or substance from au ordi- 
nary policy of mutual life insurance. The subject insured is the life of the 
member. The risk insured is death from any cause not excepted in the 
terms of the contract. The assured pays a sum fixed by the directors, and 
not exceeding ten dollars, at the inception of the contract, and assessments 
of two dollars each annually, and of one dollar each upon the death of any 
member of the division to which he belongs, during the continuance of the 
risk. In the case of the death of the assured by a peril insured against, the 
Company absolutely promise to pay to his representatives, in sixty days after 
receiving satisfactory notice and proof of his death, •' as many dollars as 
there are members in' the same division, the number of which is limited to 
five thousand. The payment of this sum is subject to no contingency but 
the insolvency of the corporation, And the means of payment are derived 
from the assessments collected, upon his death, from other members : from 
the money received upon issuing other certificates of membership, which the 
by-laws declare may, after payment of expenses, be ' used to cover l< 
caused by the delinquencies of members,' and from the guaranty fund of one 
hundred thousand dollars, established by the corporation under its charter. 
"This is not the less a contract of mutual insurance upon the life of the 
assured, because the amount to be paid by the corporation is not a g 
sum, but a sum graduated by the number of members holding similar con- 
tracts; nor because a portion of the premiums is to be paid upon the uncer- 
tain period of the deaths of such members ; nor because, in case of non-pay- 



INSURANCE COMMISSIONER. xi 

ment of assessment of any member, the contract provides no means of enforc- 
ing payment thereof, but merely declares the contract to be at an end, and 
all moneys previously paid by the assured, and all dividends and credits 
accrued to him, to be forfeited to the Company. The fact offered to be 
proved by the defendant, that the object of the organization was benevolent 
and not speculative, has no bearing upon the nature and effect of the busi- 
ness conducted and the contracts made by the corporation. 

" The ruling that this association was an insurance company, within the 
meaning of the statute upon which the defendant was indicted, was there- 
fore correct, and his exceptions must be overruled." 

The decision of the court is in accordance with the ruling of this 
Department ever since the irresponsible brood of cooperatives, so 
called, first sought to practise their confidence game upon the pub- 
lic. With this and the statute of 1870 (section 5, chapter 349), 
such deceptions ought to pass under the ban of perpetual condem- 
nation, as not one of them can bear for a moment the test of finan- 
cial scrutiny or common prudence. 

Julius L. Clarke, Insurance Commissioner. 



The second case was that of the Commonwealth v. the 
Unity Mutual Life Assurance Association. Upon petition 
of policy-holders, proceedings were instituted against this 
organization, and an injunction was asked for upon a statement 
of agreed facts submitted to the court. The answer in this 
instance was the same as in the case before cited. The court 
ruled, as before, that the Association must be considered a 
Life Insurance Company within the meaning of the statutes, 
and the injunction was made perpetual. 

The statutes now in force relating to these organizations 
are as follows : — 

[Acts of 1872, chap. 325, sect. 7.] 
All corporations, associations, partnerships or individuals doing 
business in this state under any charter, compact, agreement, or 
statute of this or any other state, involving an insurance, guarantee, 
contract or pledge' for the payment of annuities or endowments, or 
for the payment of moneys to families, or representatives of policy 
or certificate holders, or members, shall be considered and deemed 
to be life insurance companies within the meaning of the laws re- 
lating to life insurance within this state, and shall not make anj T 
such insurance, guarantee, contract, or pledge therein, or to or with 
any citizen or resident of this state, which shall not distinctly state 
therein the amount of such life benefits, the manner of payment, the 



xii REPORT OF INS. COM'R. 

period of the continuance thereof, and the amount of the annual, semi- 
annual, or quarterly premium, or by which the payment of the life 
benefit assured shall be contingent upon the payment of assessments 
made upon surviving members, nor except in accordance with, and 
under the conditions and restrictions of the statutes now or here- 
after regulating the business of life insurance : provided, that nothing 
in this section shall be held to conflict with the provisions of chapter 
one hundred and eighty-six of the acts of eighteen hundred and 
sixty -one. 

[Acts of 1875, chap. 107.] 

An Act relating to the powers of Associations for Religious, Charitable, Benevolent 

and other like purposes. 

Be it enacted, <£c, as follows: 

Sect. 1. The provisions of the general laws relating to life in- 
surance companies shall not be held to be applicable to such asso- 
ciations established under the laws of this Commonwealth for an}' of 
the purposes set forth in section two of chapter three hundred and 
seventy-five of the acts of the year one thousand eight hundred and 
seventy-four as may make provision for the widows, orphans or 
other dependents of deceased members and of other persons, by 
means of a fixed payment to be made on the death of each person 
for the benefit of whose dependents such provision is made. 

Sect. 2. Nothing contained in this act shall be construed to 
authorize the formation of associations for the sole or principal pur- 
pose of insuring lives. 

Sect. 3. This act shall take effect upon its passage. [Approved 
April 9, 1875. 

It will be noticed, that, by the statute of 1875, incorporated 
associations in this State may establish a system of benefits 
without becoming subject to the general laws relating to life 
insurance. This is the only modification which has been 
made in the laws of this State relating to this subject. 

Respectfully submitted. 

STEPHEN H. RHODES, 

Insurance Commissioner. 



STATISTICAL TABULATIONS. 



XIV 



REPORT OF THE 



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XV111 



REPORT OF THE 



Table B. — Ratio of Net Assets to Computed Premium Reserve, 

December 31, 1875. 



NAME OF COMPANY. 



Net Assets or Ac- 
tual Premium 
Reserve. 



Net present Val. 
of Policies or 
Computed Pre- 
mium Keserve. 



Ratio in 
1875. 



Cokrebp'g Ratios. 



1874. 1873. 



Massachusetts Cos. 

Berkshire, 



' a * 



John Hancock, . 
Mass. Mutual, •; 
New England Mut'l 
State Mutual, . 
Totals, . 

COS. OF OTHER STATES. 

iEtna, 

American Popular, 
Atlantic Mutual, 
Charter Oak, . 
Connecticut General 
Connecticut Mutual, 
Continental, Conn., 
Continental, N. Y., 
Equitable,. 
Germania, 



*■ 



Globe Mutual, ! 
Hartford L. anc^A.., 
Home, 

Homoeopathic Mut'l 
Knickerbocker, 
Life Association, 
Manhattan, 
Metropolitan, . 



$3,028,167 
2,699,405 
5,897,761 

14,141,062 
1,904,950 



$27,671,345 

$21,222,345 

734,261 

1,273,427 

13,686,160 

1,225,905 

42,414,840 

3,393,037 

6,049,210 

27,975,051 

7,145,193 

4,230,780 

903,051 

4,432,921 

635,618 

7,040,597 

2,883,031 

9,560,034 

1,930,494 



$2,730,119 


110.92 


2,544,967 
5,3j2#62 


106.06 
110.89 


12,593,439 


112.29 


1,657,213 


114.94 


$24,844,200 


111.38 


$19,215,426 


110.44 


556,291 


131.99 


1,202,694 


105.88 


13,235,732 


103.40 


949,676 


129.09 


38,487,794 


110.20 


3,172,512 


106.95 


5,674,874 


106.60 


25,826,795 


108.52 


6,735,112 

3,Sfc£i64 

5^2QQ 


106.09 
108.72 
153.53 


3,891,311 


113.92 


574,030 


110.73 


6,536,324 


107.71 


2,775,736 


103.87 


8,177,227 


116.91 


1,826,818 


105.67 



110.27 107.83 

100.74 101.79 

110.16 109.27 

111.47 112.67 



117.60 



116.81 



110.28 110.14 



109.18 
131.03 
109.96 
102.17 
129.23 
110.79 
107.31 
106.27 
103.10 
105.11 
107.54 
148.21 
111.32 
110.03 
106.66 
101.01 
117.83 
108.48 



106.02 
120.39 
107.61 
100.21 
130.76 
112.27 
101.59 
10538 
105.29 
104.15 



102.49 
136.11 
109.53 

105.46 
103.18 
117.29 
108.55 



INSURANCE COMMISSIONER. 



xix 



Table B. — Ratio of Net Assets, &c. — Concluded. 





Net Assets or Ac- 
tual Premium 
Reserve. 


Net Present Val. 
of Policies or 
Computed Pre- 
mium Reserve. 


Ratio in 
1875. 


Corresp'g Ratios 


NAME OF COMPANY. 


1874. 


1873. 


Mutual, 


$77,669,650 


$73,085,128 


106.26 


105.09 


104.34 


Mutual Benefit, 


30,395,754 


27,780,768 


109.41 


114.44 


108.54 


National, Vermont, . 


1,799,451 


1,241,551 


144.93 


145.90 


146.72 


National of U. S., 
New Jersey Mutual, 


3,744,515 
l,#&s882 


3,114,887 
1,504,467 


120.21 

m 


120.79 
119.36 


121.54 
117.62 


New York, 


30,114,219 


26,528,099 


113.52 


110.08 


107.76 


Northwestern Mut'l, 


16,857,795 


14,412,346 


116.97 


115.09 


113.84 


Penn Mutual, . 


5,268,579 


4,472,102 


117.81 


116.01 


114.78 


Phoenix Mutual, 


10,037,464 


9,96*,691 


100.75 


102.57 


101.34 


Provident L. and T., 


3,078,407 


2,342,027 


131.44 


131.61 


134.60 


Provident Savings, . 


126,732 


12,332 


1,027.66 


- 


- 


Security, . 


3,579,427 


3,380,415 


105.89 


103.37 


106.31 


Travelers 1 , 


3,361,757 


2,236,670 


150.30 


148.90 


146.63 


Union Mutual, . 


9,016,064 


7,774,906 


115.96 


115.52 


111.85 


United States, . 


4,477,985 


3,984,153 


112.39 


113.57 


110.86 


Universal, 


5,268,042 


5,101,934 


103.26 


- 


- 


Vermont, .' 


175,187 


70,282 


249.26 


284.53 


- 


Washington, 


4,782,022 


4,336,192 


110.28 


109.96 


107.40 


Totals, . 
Grand Totals, 


$368,^9^887 
$396,3^,232 


$334,658,766 
$359,502,966 


110.^ 
110.1/ 


109.28 
109.35 


- 



XX 



REPORT OF THE 



Table C. — Ratio of Premium Notes and Loans to Computed Pre- 
mium Reserve, December 31, 1875. 





Premium Notes 


Patio to 

Reserve 

in 


Corresponding Ratios. 


NAME OF COMPANY. 














tiiid IjOjuis. 


1875. 


1874. 


1873. 


1872. 


1871. 


1*70. 


Massachusetts Cos. 
















Berkshire, . 


$204,352 


7.48 


7.90 


8.79 


9.84 


10.05 


12.12 


John Hancock, . 


373,838 


14.69 


15.17 


19.50 


22.04 


25.65 


29.05 


Mass. Mutual, 


986,053 


18.54 


20.24 


22.33 


23.92 


24.40 


25.27 


New Eng. Mutual, 


2,113,958 


16.78 


18.47 


20.72 


22.68 


24.53 


28.66 


State Mutual, 


25,449 


1.54 


3.95 


3.34 


2.93 




- 


Totals, . 


$3,981,216 


16.02 


16.39 


18.55 


20.29 


21.79 


24.64 


COS. OF OTHER STATES. 


| 














.Etna, . 


$4,217,607 


21.95 


25.70 


30.35 


35.53 


43.11 


50.47 


Amer'n Popular, . 


130,607 


23.48 


21.52 


18.36 


16.40 


15.07 


2.10 


Atlantic Mutual, . 


240,497 


19.99 


21.75 


23.05 


25.27 


27.40 


22.57 


Charter Oak, 


3,506,139 


26.49 


29.75 


29.09 


31.40 


30.59 


39.66 


Connecticut Gen'l, 


145,104 


15.28 


16.66 


19.41 


20.98 


20.50 


22.17 


Connecticut Mut'l, 


6,730,567 


17.49 


20.12 


24.79 


30.22 


36.38 


53.21 


Continental, Conn., 


1,180,296 


37.20 


41.75 


45.29 


59.65 


65.82 


68.03 


Continental, N.Y., 


1,937,700 


34.14 


36.23 


37.53 


36.05 


38.91 

• 


36.91 


Equitable, . 


- 


- 


- 


- 


- 


- 


- 


Germania, . 


- 


- 


- 


- 


- 


- 


- 


Globe Mutual, . 


- 


- 


- 


- 


- 


- 


- 


Hartford L & A., 


- 


- 


- 


- 


- 


- 


- 


Home, . 


1,093,694 


28.11 


29.16 


30.49 


32.66 


35.99 


40.34 


Homoeopathic M , 


- 


- 


- 


- 


- 


- 


- 


Knickerbocker, . 


2,820,070 


43.14 


45.18 


47.63 


50.28 


53.27 


56.35 


Life Association, . 


27,111 


.97 


30.93 


33.56 


37.95 


34.42 


37.19 


Manhattan, . 


2,180,500 


26.67 


29.04 


31.68 


32.94 


38.00 


42.02 


Metropolitan, 


374,970 


20.52 


27.32 


25.63 


25.64 


24.14 


24.13 



INSURANCE COMMISSIONER. 



xxi 



Table C. — Ratio of Premium Xotes and Loans, &c. — Concluded. 





Premium Xotes 
and Loans. 


Ratio to 
Reserve 

in 
18T5. 


Corresponding Ratios. 




NAME OF COMPANY. 


1874. 


1873. 


1872. 1871. 


1870. 


Mutual, 


- . 


- 


- 


- 


- 


- 


- 


Mutual Benefit, . 


.843,853 


21.04 


26.77 


29.01 


31.07 


33.77 


40.05 


National, Vt., 


31,935 


2.57 


3.38 


3.96 


4.54 


5.62 


6.33 


Nat'l of the U. S., 


62,443 


2.00 


2.38 


2.77 


.10 


- 


- 


New Jersey Mut , 


414,829 


27.57 


29.69 


25.83 


25.10 


29.23 


30.09 


New York, . 


885,729 


3.34 


3.75 


4.37 


5.00 


5.61 


6.29 


Northwest'nMut., 


4,142,781 


28.74 


32.14 


35.79 


39.66 


42.55 


45.44 


Penn Mutual, 


700,355 


15.66 


16.64 


17.29 


21.27 


28.37 


34.90 


Phoenix Mutual, . 


3,363,978 


33.77 


38.21 


42.66 


48.67 


56.25 


62.66 


Provident L. & T , 


103,788 


4.43 


5.58 


6.72 


8.53 


10.80 


13.80 


ProvidentSavings, 


- 


- 


- 


- 


- 


- 


- 


Security, 


1,633,205 


48.31 


51.62 


63.79 


60.65 


63.12 


59.10 


Travelers 1 , . 


- 


- 


- 


- 


- 


- 


- 


Union Mutual, 


2,208,537 


28.41 


30.77 


33.79 


36.38 


37.97 


44.09 


United States, 


179,033 


4.49 


5.43 


6.66 


7.82 


15.48 


27.10 


Universal, . 


1,269,504 


24.88 


- 


- 


- 


- 


- 


Vermont, 


6,745 


9.60 


11.87 


- 


- 


- 


- 


Washington, 


- 


- 


- 


- 


- 


- 


- 


Totals, . 


845,431,577 


13.58 


15.83 


17.86 


20.24 


22.94 


28.90 


Grand Totals, . 


$49,412,793 


13.74 


15.87 


17.90 


20.25 


22.86 


27.19 



XX11 



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CO 


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REPORT OF THE 



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INSUKANCE COMMISSIONER. 



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REPORT OF THE 



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INSURANCE COMMISSIONER. 



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INSURANCE COMMISSIONER. 



XXXlll 



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XXXVI 



REPORT OF THE 



Table H. — Massachusetts Business. 





Policies Issued, 1873. 


POl* 1*71. 


NAME OF COMPANY. 












No. 


Amount. 


No. 


Amount. 


Massachusetts Companies. 










Berkshire, 


160 


$274,369 


209 


$402,423 


John Hancock, 


286 


324,654 


253 


376,389 


Massachusetts Mutual, . 


355 


1,013,992 


351 


1,077,552 


New England Mutual, . 


353 


829,403 


349 


925,504 


State Mutual, . 


206 


484,500 


219 


469,500 


Totals, .... 


1,360 


82,926,918 


1,381 


$3,251,368 


Companies of other States, 










iEtna, . 


370 


$647,924 


533 


$686,533 


American Popular, . 


101 


595,605 


9 


43,090 


Atlantic Mutual, 


13 


19,491 


13 


20,942 


Charter Oak, . 


419 


825,060 


391 


604,065 


Connecticut General, 


128 


238,152 


154 


306,162 


Connecticut Mutual, 


267 


815,148 


255 


806,200 


Continental, Conn., . 


66 


145,700 


52 


104,000 


Continental, N. Y., . 


567 


1,125,626 


625 


1,340,225 


Equitable, 


371 


1,072,085 


429 


1,370,945 


Germania, 


rr 


6,007 


12 


14,349 


Globe Mutual, . 


61 


133,000 


81 


206,875 


Hartford, L. and A., 


41 


46,899 


27 


25,126 


Home, . . . . 


7 


11,500 


10 


28,500 


Homoeopathic Mutual, . 


87 


192,619 


55 


, 97,695 


Knickerbocker, 


24 


45,995 


105 


313,150 


Life Association, 


162 


347,616 


111 


248,430 


Manhattan, 


82 


273,734 


56 


151,001 


Metropolitan, . 


192 


219,876 


193 


289,205 


Mutual, . 


583 


1,611,506 


797 


1,801,685 



INSURANCE COMMISSIONER. 



xxxvu 



Table H. — Massachusetts Business — Continued. 





Toliciks Issued, 1875. 


Tolicies Issued, 1874. 


NAME OF COMPANY. 












No. 


Amount. 


No. 


Amount. 


Mutual Benefit, 


195 


$591,335 


133 


$334,885 


National, Vermont, . 


103 


308,500 


146 


490,000 


National of U. S., . 


14 


38,000 


62 


140,332 


New Jersey Mutual, 


234 


809,800 


90 


217,500 


New York, 


277 


845,425 


456 


1,375,985 


Northwestern Mutual, 


81 


280,506 


81 


291,750 


Penn Mutual, . 


12 


50,200 


23 


65,500 


Phoenix Mutual, 


404 


570,351 


554 


859,240 


Provident L. and T., 


92 


148,534 


30 


62,601 


Provident Savings, . 


- 


- 


- 


- 


Security, .... 


52 


62,205 


187 


234,767 


Travelers', 


118 


220,117 


148 


260,267 


Union Mutual, 


907 


1,569,212 


867 


1,628,175 


United States, . 


219 


381,820 


310 


597,500 


Universal, 


496 


918,200 


- 


- 


Vermont, .... 


11 


33,200 


27 


66,000 


Washington, . 


57 


132,400 


23 


94,250 


Totals of other States, . 


6,820 


$15,333,348 


7,045 


$15,176,930 


Grand Totals, 


8,180 


$18,260,266 


8,426 


$18,428,298 



MASSACHUSETTS 

LIFE INSURANCE COMPANIES. 



Detailed Statements of Assets and Liabilities, with Abstract 

of Annual Statements for the Year ending 

December 31, 1875. 



MASSACHUSETTS LIFE [Dec. 31, 



DETAILED STATEMENTS OF ASSETS AND LLiBILITIES. 



BERKSHIRE LIFE INSURANCE COMPANY, PITTSFIELD. 

[Incorporated May, 1851. Commenced buBineaa September 4, 1851.] 

Paid-up Capital, $25,500. 

Edward Boltwood, President. Secretary, James W. Hull. 

James M. Barker, Vice-President, 

Principal Office, Pittsjield. 

Income. 

Total premium income, $484,713 74 

Cash received«for interest on stocks, bonds and loans, . . 176,370 36 

for interest on other debts due the company, . 5,417 95 

as discount on claims paid in advance, . . 796 27 

for rents of company's property, . . . 8,467 67 

Profit and loss account, 505 04 

Total income, $676,271 03 

Net or ledger assets, December 31, 1874, .... 2,713,303 44 

Total $3,389,574 47 

Disbursements. 

Cash paid for losses and additions, . . . . . $144,872 67 

Premium notes or loans used in payment of same, . . 2,956 89 

Cash paid for matured endowments and additions, . . 22,918 16 

Premium notes or loans used in payment of same, . . 1,285 84 

Gross amount paid for losses and endowments, . . $172,033 56 

Cash paid for surrendered policies, 23,422 58 

Premium notes or loans used in purchase of surrendered 

policies and voided by lapse, 12,823 52 

Cash surrender values, including reconverted additions ap- 
plied in payment of premiums, 38,903 03 

Cash dividends paid policy-holders, $7,632.78 ; applied in 

payment of premiums, $72,723.46, 80,356 24 

Premium notes or loans used in payment of dividends, . 13,543 44 

Total paid policy-holders, . . . $341,082 37 



1875.] 



INSURANCE COMPANIES. 



Cash paid for dividends to stockholders, 

for commissions to agents, .... 
for salaries and travelling expenses of agents, 
for medical examiners' fees, .... 
for salaries of officers and office employes, . 

for taxes and fees, 

for rent, 

for advertising, 

for office and incidental expenses, . 



Total disbursements, 



Balance, 



$1,785 00 

36,510 53 

8,357 04 

2,433 50 

13,978 99 

6,072 51 

6,464 30 

3,542 09 

11,118 02 

$431,353 35 
2,958,221 12 



Invested in the following : — 

Assets as per Ledger Accounts. 

Cost value of real estate, $180,000 00 

Loans on mortgage of real estate (first liens), . . . 1,720,098 75 

Loans on collateral security (schedule A), . . . . 54,253 33 

Premium notes or loans on policies in force, .... 204,351 77 

Cost value of stocks and bonds owned (schedule B), . . 751,528 75 

Cash in company's office, 195 97 

Cash deposited in bank, 18,324 97 

Agents' ledger balances, 25,329 95 

General ledger balances, $1,137.63 ; office furniture, $3,000, . 4,137 63 

Ledger assets (as per balance) , .... $2,958,221 12 



Other Assets. 

Interest due and accrued, .... 
Market value of stocks and bonds, over cost, 
Uncollected premiums on policies in force, 
Deferred premiums on policies in force, 

Total, 

Deduct loading (10 per cent.), 

Net am't of uncollected and deferred prem's, 

Total assets per company's books, . 



$34,423 49 
35,565 88 


54,975 14 
34,851 25 


$69,989 37 
6,998 94 


62,990 43 




$3,111,037 94 



Items not Admitted. 



Furniture and fixtures, . 
Agents' balances, 
General ledger balances, 
Total, 



$3,000 00 

25,329 95 

1,137 63 



29,467 58 



Total admitted^ assets, 



$3,081,570 36 



MASSACHUSETTS LIFE 



[Dec. 31 



Liabilities. 

Computed premium reserve or net present 
value of all outstanding policies (Actua- 
ries 1 4 per cent), $2,742,806 00 

Deduct net value of reinsured risks, . . 12,687 00 

Net premium reserve, .... 82,730,119 00 

Death losses and matured endowments in 

process of adjustment, .... $27,589 CO 

Claims resisted by the company, . • . . 10,000 00 
Total policy claims, 

Unpaid dividends of surplus due policy-holders, 

All other liabilities : premiums paid in advance, 

Liabilities as to policy-holders, 
Surplus as regards policy-holders, . 



Gross liabilities, 



37,589 60 

4,663 89 

11,149 92 

$2,783,522 41 
. 298,047 95 

$3,081,570 36 



Premium Note Account. 



Premium notes on hand Dec. 31, 1874, . 
Premium notes or loans received during 1875, 

Total, 

Used in payment of losses and claims, . 

of surrendered policies and 

voided by lapse, 
of dividends to policy-hold- 
ers, 

Redeemed by maker in cash, .... 
Total, 

Balance note assets, December 31, 1875, . 



$t98,830 32 
47,456 92 

$4,242 73 

12,823 52 

13,543 34 
11,325 88 



$246,287 24 



41,935 47 



. $204,351 77 



Exhibit of Policies. 

Policies and Additions in force December 31, 1874. 

Number. Amount. 

Whole-life policies, 2,840 $6,784,761 00 

Endowment policies, 1,869 3,981,247 00 

Reversionary additions, - 57,146 00 

New Policies Issued in 1875. 

Whole-life policies, 

Endowment policies, 

Old Policies Revived during the year. 

Whole-life policies, 

Endowment policies, 

Additions by dividends, 



509 


1,324,810 00 


215 


346,395 00 


ir. 

35 


72,000 00 


21 


45,500 00 


— 


10,336 00 



Total number and amount, 



5,489 $12,622,195 00 



1875.] 



INSURANCE COMPANIES. 



Policies ceased to be in force during the year. 
Terminated by death, 53 



by maturity, 
by surrender, 
by lapse, 
Not taken, 

Total terminated, 



$151,397 00 
24,204 00 

183,128 00 
1,072,650 00 

250,600 00 

676 $1,681,979 00 



9 

63 

432 

119 



Policies in force December 31, 1875. 



Whole-life policies, 




. 2,910 


$6,950,541 00 


Endowment policies, 




. 1,903 


3,931,797 00 


Reversionary additions, . 




. 


57,878 00 




, 4,813 $10,940,216 00 


Schedule A. 






Securities held a& 


Collateral. 








Market value. 


Amount loaned. 


Central Pacific Railroad bonds, 




$3,150 00 


$2,453 33 


United States bonds, 




2,050 00 


1,800 00 


58 shares Agricultural Natfl Bank, 




11,600 00 


6,000 00 


7 


i « it «i 




1,400 00 


1,000 00 


28 


t l« (( a 




5,600 00 


3,500 00 


25 


Pittsfield Nat'l Bank, . 




3,375 00 


2,500 00 


150 


" Adams Nat'l Bank, 




19,500 00^ 




135 


' American Express Co., . 




7,830 00 


► 24.000 00 


10 


4 Pittsfield Nat'l Bank, . 




1,350 00 J 




67 


1 Massasoit Paper Co., 




7,370 00 


5,000 00 


64 


1 Pittsfield Coal Gas Co., . 




8,960 00 


7,000 00 


15 


1 Stockbridge and Pittsfield R. 


R., . 


1,200 00 


1,000 00 



$73,385 00 $54,253 3$ 



Schedule B. 

Stocks and Bonds owned by 



United States bonds, 
458 shares Pittsfield Natfl Bank, . 
250 " Adams Nat'l Bank, 
300 " Agricultural Nat'l Bank, 
North Adams water scrip, 
Berkshire County loan, . 
Cheshire town loan, 
Hinsdale town loan, 
Pittsfield town loan, 



the Company. 

Cost value. 

$445,048 75 
61,830 00 
31,250 00 
60,000 00 
43,000 00 
70,000 00 
18,000 00 
2,400 00 
20,000 00 



Market value. 

$479,900 00 
61,830 oo 
31,250 00 
60,000 00 
43,000 00 
70,000 00 
18,000 00 
2,400 00 
20,000 00 



$751,528 75 $786,380 00 



MASSACHUSETTS LIFE [Dec. 31, 



JOHN HANCOCK MUTUAL LIFE INSURANCE COMPANY, 

BOSTON. 

[Incorporated April 21, 1862. Commenced busineBe December 27, 1862.] 

George Thornton, President. Vice-President, Samuel Atherton. 

George B. Woodward, Secretary and Actuary. 

Principal Office, Boston. 

Income. 

Total premium income, $584:, 128 27 

Cash received for interest on stocks, bonds and loans, . . 136,991 82 

for interest on other debts due the company, . 18,599 05 

as discount on claims paid in advance, . . 3,485 78 

for profits on bonds, stocks or gold sold, . 1,952 38 

Total income, $745,155 30 

Net or ledger assets, December 31, 1874, .... 2,460,292 84 

Total, - 1,205,448 14 

Disbursements. 

Cash paid for losses and additions, $205,595 94 

Premium notes or loans used in payment of same, . . 4,850 22 

Cash paid for matured endowments and additions, . . 5,934 33 

Premium notes or loans used in payment of same, . . 2,997 67 

Gross amount paid for losses and endowments, . . $219,378 16 

Cash paid to annuitants, 1,774 77 

for surrendered policies, 43,352 35 

Premium notes or loans used in purchase of surrendered 

policies and voided by lapse, 65,662 93 

Cash surrender values, including reconverted additions ap- 
plied in payment of premiums, 172,671 57 

Cash dividends paid policy-holders, applied in payment of 

premiums, . . . 427 58 

Total paid policy-holders, . . . $503,267 36 

Cash paid for commissions to agents, $24,016 70 

for salaries and travelling expenses of agents, . 19,387 14 

for medical examiners' fees, 4,198 00 

for salaries of officers and office employes, . . 27.385 27 

for taxes and fees, 3,959 42 

for rent, 10,211 07 

for furniture and office fixtures, . . . . 91 28 

for advertising, 5,822 33 

for office, agency and incidental expenses, . . 17,757 74 

Total disbursements, $616,096 31 

Balance, 82,589,351 83 



1875.] 



INSUKANCE COMPANIES. 



Invested in the following : — 

Assets as per Ledger Accounts. 

Loans on mortgage of real estate (first liens), 

Loans on collateral security (schedule A), 

Premium notes or loans on policies in force, . . . . 

Par value of stocks and bonds owned (schedule B), . 

Cash in company's office, 

Cash deposited in bank, 

Bills receivable, 

Agents 1 ledger balances, 

Commuted commissions, $9,283.77 ; loaned on personal secu- 
rity, $1,500, 

Ledger assets (as per balance), .... 



Other Assets. 
Interest due and accrued, .... 
Market value of stocks and bonds, over par, 
Uncollected premiums on policies in force, . 
Deferred premiums on policies in force, 



$1,307,850 00 

23,800 00 

, 373,838 23 

798,500 00 

1,045 87 

67,650 87 

5,163 51 

719 58 

10,783 77 
$2,589,351 83 



$56,609 68 
27,812 50 



Total, ..!.... 
Deduct loading (20 per cent), 
Net am't of uncollected and deferred prem's, 

Total assets per company's books, . 

Items not Admitted. 
Commuted commissions, . 
Agents 1 balances, 
Loans on personal security, 
Bills receivable, 
Total, 

Total admitted assets, 



Liabilities. 
Computed premium reserve or net present 
value of all outstanding policies (Actua- 
ries 1 4 per cent.), 

Deduct net value of reinsured risks, 

Net premium reserve, 
Death losses due and unpaid, . 
Death losses and matured endowments in 

process of adjustment, 
Claims resisted by the company, . 

Total policy claims, .... 
Due for rent, 



$46,294 63 
45,935 26 

$92,229 89 
18,445 98 



73,783 91 



• • 


$2 


,747,557 


92 


$9,283 77 






719 


58 






1,500 


00 






5,163 


51 










16,666 


86 






, , 


$2 


,730,891 


06 



Liabilities as to policy-holders, 
Surplus as regards policy-holders, . 

Gross liabilities, 



$2,547,779 
2,812 



00 
00 



$1,000 00 



$2,544,967 00 



27,799 
1,000 



00 
00 



29,799 00 
1,687 50 

$2,576,453 50 
. 154,437 56 

$2,730,891 06 



8 MASSACHUSETTS LIFE [Dec. 31, 

Premium Note Account. 

Premium notes on hand Dec. 31,1874, . . $394,646 03 

Premium notes or loans received during 1875, 53,788 57 

Total, 8448,435 20 

Used in payment of losses and claims, . . $7,847 89 
of surrendered policies and 

voided by lapse, . . 65,662 93 

Redeemed by maker in cash, .... 1,086 15 

Total, 74,596 97 



Balance note assets, December 31, 1875, .... $373,83^ 

Exhibit of Policies. 
Policies and Additions in force December 31, 1874. 

Number. Amount. 

Whole-life policies, 4,675 $11,139,501 00 

Endowment policies, 2,206 3,394,813 00 

All other policies, 10 15,300 00 

New Policies Issued in 1875. 

Whole-life policies, 

Endowment policies, 

Old Policies Revived during the year. 

Whole-life policies, 

Endowment policies, 

Total number and amount, .... 7,735 $15,791,242 00 

Policies ceased to be in force during the year. 

Terminated by death, 66 $168,488 00 

by maturity, ..... 4 8,932 00 

by surrender, 242 509,120 00 

by lapse, 1,076 2,402,865 00 

by change and decrease, . . . 384 1,017,250 00 

Not taken, 84 167,757 00 



603 


1,019,718 00 


235 


212,910 00 


year. 
5 


7,000 00 


1 


2,000 00 



» Total terminated, 1,856 $1,274,412 00 

Policies in force December 31, 1875. 

Whole-life policies, 3,918 $8,809,163 00 

Endowment policies, 1,952 2,693,367 00 

All other policies, 9 14,300 00 



Totals, 5,879 $11,516,830 00 



1875.] 



INSURANCE COMPANIES. 



Schedule A. 

Securities held as Collateral. 



Cedar Rapids & Mo. River R. R. bonds, 
Narragansett S. S. Co. bonds, . 
10 shares Michigan Central R. R., 
10 " Boston and Albany R. R., 
205 " American Whip Co., 



Market value. 

$4,662 50 

7,000 00 

592 50 

1,335 00 

20,500 00 



Amount loaned. 

$10,000 00 

1,800 00 
12,000 00 



$34,090 00 $23,800 00 



Schedule B. 

Stocks and Bonds owned by the Company. 



United States bonds, 6s, 

Portland city bonds, 6s, 

Boston city bonds, 6s, 

Albany city bonds, 6s, 

Lynn city bonds, 6s, 

Bath city bonds, 6s, 

Salem city bonds, 6s, 

Cambridge city bonds, 6s, 

Cincinnati city bonds, 7^8, 

Chicago city bonds, 7s, . 

Loan to town of Brighton, 

New England Nat'l Bank stock, 

Tremont Nat'l Bank stock, 

Continental Nat'l Bank stock, . 

Boylston Nat'l Bank stock, 

Washington Nat'l Bank stock, 

Boston and Albany R. R. bonds, 7s 

Old Colony R. R. bonds, 7s, . 

Vt. Cent, and Vt. and Canada equip, bonds, 8s, 

Ogdensb'g and Lake Champ, equip, bonds, 8s, 

Phila., Wil. and Baltimore R. R. bonds, 6s, 

Old Colony R. R. bonds, 6s, . 

Lansing, Jack, and Sag. 1st mort. bonds, 8s, 

Illinois Grand Trunk R. R. mort. bonds, 8s, 

Grand River Valley R. R. mort. bonds, 8s, 

Michigan Central R. R. mort. bonds, 8s, 

Cedar Rapids and Mo. River mort. bonds, 7s 

Chicago, Burl'n and Quincy R. R. bonds, 7s, 

Boston and Providence R. R. bonds, * . 

Nashua and Rochester R. R. 1st mort. bonds 

Lowell and Andover R. R. bonds, 6s, 

Boston and Albany R. R. bonds, 6s, 

Vermont Central R. R. bonds, 8s, . 



Cost value. 

$100,000 00 

4,750 00 

25,075 00 

9,567 50 

13,845 00 

1,840 00 

10,915 00 

2,037 50 

10,180 00 

9,612 50 

25,000 00 

12,031 00 

6,200 00 

7,0.00 00 

4,362 50 

13,537 50 

76,843 75 

18,082 50 

5,040 00 

4,987 50 

6,650 00 

2,895 00 

10,100 00 

19,400 00 

10,487 50 

5,362 50 

13,500 00 

20,150 00 

26,187 50 

23,125 00 

18,300 00 

45,825 00 

500 00 



Market value. 

$116,665 00 

5,000 00 

25,012 50 

10,050 00 

14,472 50 

2,000 00 

11,320 00 

2,100 00 

10,700 00 

10,375 00 

25,000 00 

13,800 00 

5,575 00 

7,560 00 

4,655 00 

13,800 00 

84,375 00 

18,270 00 

2,500 00 

4,600 00 

7,070 00 

3,000 00 

8,500 00 

21,400 00 

9,000 00 

4,587 50 

13,987 50 

21,400 00 

27,875 00 

23,125 00 

19,000 00 

46,350 00 

500 00 



10 



MASSACHUSETTS LIFE 



[Dec. 31, 



Loan to Old Colony R. R., 

Loan to Boston and Providence R. R., . 

Loan to Boston and Lowell R. R., . • 

Vermont and Canada R. R. stock, . 

Boston and Maine R. R. stock, 

Newton and Watertown Gas Light Co. bonds 

Boston Gas Light Co. bonds, . 

New England Mortgage Security Co. bonds 

Loan to Appleton Company, . 



850,000 00 
88,000 00 
10,000 00 
11,933 25 

5,635 62 
19,950 00 
20,000 00 

5,000 00 
25,000 00 



.000 00 

88,000 00 

10,000 00 

3,600 00 

-7 50 

20,300 00 

25,500 00 

5,000 00 

25,000 00 



$803,908 62 $826,312 50 



MASSACHUSETTS HOSPITAL LIFE INSURANCE COMPANY, 

BOSTON. 

[Incorporated February 24, 1818. Commenced business 1823.] 

Paid-up Capital, #500,000. 

Peter C. Brooks, President. Secretary, J. C. Braman. 

Actuary, George T. Bigelow. 

Principal Office, Boston. 



Income. 

Total premium income, $49,500 95 

Cash received for interest on stocks, bonds and loans, . . 59,843 93 

for commissions on trusts, .... 60,856 21 

Total income, . . $170,201 09 

Disbursements. 

Cash paid for losses, $2,000 00 

to annuitants, 28,224 76 

for dividends to stockholders, .... 50,000 00 

to Massachusetts General Hospital, . . . 10,000 00 

for salaries of officers and office employes, . . 17,700 00 

for taxes and fees, 10,295 34: 

for rent, 2,500 00 

for office and incidental expenses, . . . 2,042 69 

Total disbursements, $122,762 79 

Assets. 

Cash value of real estate, $11,824 92 

Loans on mortgage of real estate (§rst liens) , 574,584 63 

Loans on collateral security, ....... 189,44:6 66 

Cash value of stocks and bonds owned, .... « 108,669 70 

Cash deposited in bank, 23,185 12 

Interest due and accrued, 17,018 06 

Total assets, $924,729 09 



1875.] 



INSURANCE COMPANIES. 



11 



Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (Actuaries 1 4 per cent.), . 
Due and unpaid on annuity claims, 

Liabilities as to policy-holders, 
Surplus as regards policy-holders, . 



Exhibit of Policies. 

Whole-life policies in force December 31, 1874, 
Policies terminated by death during the year, 
Whole-life policies in force December 31, 1875, 
Annuities in force December 31, 1875, . 



• 


. $173,431 00 
220 00 


• 


. $173,651 00 
. 751,078 09 


mber. 

7 
1 
6 

78 


Amount. 

$15,500 00 

2,000 00 

13,500 00 

31,573 00 



MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY, 

SPRINGFIELD. 

[Incorporated May 15, 1851. Commenced business August 1, 1851.] 

E. W. Bond, President. Secretary, Avery J. Smith. 

Henry Fuller, Jr., Vice-President. Actuary, O. B. Ireland. 

Principal Office, Springfield. 



Income, 

Total premium income, \ 

Cash received for interest on stocks, bonds and loans, . 

for interest on other debts due the company, . 

as discount on claims paid in advance, . 

for rents of company's property, 



Total income, 

Net or ledger assets, December 31, 1874, 



Total, 



,137,069 11 

357,345 05 

12,581 80 

1,405 31 

4,382 16 

fl,512,783 43 
. 5,157,960 47 

$6,670,743 90 



Disbursements. 

Cash paid for losses and additions, 
Premium notes or loans used in payment of same, 
Cash paid for matured endowments and additions, 
Premium notes or loans used in payment of same, 

Gross^amount paid for losses and endowments, 
Received for losses and claims on policies re-insured, 

Net amount paid for losses and endowments, 
Cash paid for surrendered policies, 



$394,278 05 

19,558 05 

9,472 70 

1,527 30 



$424,836 10 
7,966 56 



$416,869 54 
11,619 42 



12 



MASSACHUSETTS LIFE . [Dec. 31, 



Premium notes or loans used in purchase of surrendered 

policies and voided by lapse, 881,014 91 

Cash surrender values applied in payment of premiums, . 36,876 20 

Cash dividends paid policy-holders, $16,623.31; applied in 

payment of premiums, $85,144.22, 101,767 53 

Premium notes or loans used in payment of dividends, . 128,119 74 

Total paid policy-holders, . . . $776,267 34 

Cash paid for commissions to agents, $73,487 99 

for salaries and travelling expenses of agents, . 61,102 66 

for medical examiners' fees, 7,324 00 

for salaries of officers and office employes, . . 35,624 88 

for taxes and fees, 11,776 28 

for rent, 10,202 20 

for furniture and office fixtures, .... 800 00 

for advertising, 6,770 81 

for office, agency and incidental expenses, . . 14,446 55 



Total disbursements, 
Balance, . 



8997,802 71 
$5,672,941 19 



Invested in the following : — 

Assets as per Ledger Accounts 

Cost value of real estate, 

Loans on mortgage of real estate (first liens), 
Loans on collateral security (schedule A), . 
Premium notes or loans on policies in force, . 
Cost value of stocks and bonds owned (schedule B), 

Cash in company's office, 

Cash deposited in bank, 

Bills receivable, 



Ledger assets (as per balance), 



$157,964 70 

3,659,735 00 

209,964 76 

986,053 25 

561,654 25 

71,643 60 

20,255 99 

5,669 64 

$5,672,941 19 



Other Assets. 

Interest due and accrued, .... 

Rents due and accrued, 

Market value of stocks and bonds, over cost, 
Uncollected premiums on policies in force, 
Deferred premiums on policies in force, 

Total, . . . ... 

Deduct loading (16 per cent,), 

Net am't of uncollected and deferred prem's, 

Furniture and fixtures, 



$111,474 46 
133,406 61 

$244,881 07 
39,180 97 



192,554 78 
1,383 34 
6,013 75 



205,700 10 

. ' 8,179 23 
Cash in hands of agents, 16,142 24 



Total assets per company's books, 



>,102,914 63 



1875.] 



INSURANCE COMPANIES. 

Items not Admitted. 



Furniture and fixtures, . 
Cash in hands of agents, 
Bills receivable, 
Total, 

Total admitted assets, 



$8,179 23 

16,142 24 

5,669 64 



13 



$29,991 11 
1,072,923 52 



Liabilities. 
Computed premium reserve or net present 
value of all outstanding policies (Actua- 
ries' 4 per cent.) $5,344,319 00 

Deduct net value of reinsured risks, . . 25,857 00 

Net premium reserve, .... $5,318,462 00 

Death losses and matured endowments in 

process of adjustment, $107,400 00 

Claims resisted by the company, . . . 43,200 00 

Total policy claims, 150,600 00 

Unpaid dividends of surplus due policy-holders, . . . 24,562 93 



Liabilities as to policy-holders, 
Surplus as regards policy-holders, . 



Gross liabilities, 



$5,493,624 93 
. 579,298 59 

$6,072,923 52 



Premium Note Account. 

Premium notes on hand Dec. 31, 1874, . . $988,447 80 
Premium notes or loans received during 1875, 

Total, 

Used in payment of losses and claims, . 

of surrendered policies and 

voided by lapse, 
of dividends to policy-hold- 
ers, 

Redeemed by maker in cash, .... 
Total, 

Balance note assets, December 31, 1875, . 



236,282 34 

1 

$21,085 35 

81,014 91 

128,119 74 
5,392 08 



$1,224,730 14 



235,612 08 



,118 06 



Exhibit of Policies. 

Policies and Additions in force December 31, 1874. 

Number. Amount. 

Whole-life policies, 9,418 $23,820,512 00 

5,185,387 00 
4,758,845 00 



Endowment policies, 2,863 

All other policies, 2,210 

New Policies Issued in 1875. 

Whole-life policies, 1,326 

Endowment policies, 328 



All other policies, 



23 



4,451,980 00 

678,947 00 

56,000 00 



14 



MASSACHUSETTS LIFE 



[Dec. 31, 



Old Policies Revived during the year. 



Whole-life policies, 
All other policies, 



$33,000 00 
10,000 00 



Total number and amount, 



. 16,173 $38,994,671 00 



Policies ceased to be in force during the year. 

Terminated by death, 

by maturity, . 

by expiry, . 

by surrender, 

by lapse, 

by change and decrease, 
Not taken, 

Total terminated, 

Policies in force December 31, 187 5. , 

Whole-life policies, 9,609 $24,909,582 00 

Endowment policies, 2,811 5,103,347 00 

All other policies, 2,324 5,016,145 00 



. 151 


$447,200 00 


8 


11,000 00 


. 530 


1,266,400 00 


. 173 


470,275 00 


. 352 


1,113,630 00 


. 


94,152 00 


. 215 


562,940 00 


. 1,429 


83,965,597 00 



Totals, 14,744 835,029,074 00 



Schedule A. 
Securities held as Collateral. 



10 shares Bigelow Manufacturing Co., . 

19 " Springfield Gas-Light Co., . 

15 " Union Paper Manufacturing Co., 

30 " Cocheco Natl Bank, Dover, N. H. 

150 " Union Paper Manufacturing Co., 

25 " Pynchon Natl Bank, . 

20 " Union Paper Manufacturing Co., 
50 " Worthy Paper Manufacturing Co. 
20 " ^Etna Fire Ins. Co., Hartford, 

14 " N. Y., N. H. and Hartford R. R., 

30 " Worcester Gas-Light Co., 

13 " Pynchon Natl Bank, . 
5 " John Hancock Natl Bank, 
8 " Leicester Natl Bank, 

20 " Worcester Gas-Light Co., 

25 " Chapin Bank and Trust Co., 

14 " First Natl Bank, . 
40 " N. Y., N. H. and Hartford R. R , 

100 " Riverside Paper Co., 

Council Bluffs and St. Joseph R. R. bonds, 

St. Joseph and Council Bluffs R. R. bonds, 



Market value 

8600 00 
2,850 00 
2,100 00 
3,600 00 

21,000 00 
4,125 00 
2,800 00 
5,000 00 
3,800 00 
2,100 00 
4,050 00>| 
2,145 00 

650 00 j 
1,200 00 J 
2,700 00 
3,125 00 
2,030 00 
6,000 00 

15,000 00 
7,600 00 
4,250 00 



Amount loaned. 

$500 00 

1,900 00 

1,500 00 

3,000 00 

10,000 00 

2,000 00 

5,000 00 

3,100 00 



)> 6,500 00 



2,000 00 
2,000 00 
1,000 00 
5,000 00 
15,000 00 

10,000 00 



} 



1875.] 



INSURANCE COMPANIES. 



15 



39 shares N. Y., 1ST. H. and Hartford R. R., . 
150 " Massasoit Paper Maauf. Co., 
Pettes County R. R. bond, .... 
100 shares Cocheco Nat'l Bank, Dover, N. H., 
455 " Union Paper Manufacturing Co., . 
150 " " " " " . 

27 Missouri Valley R. R. bonds, . 

40 " " " " 

58 shares N. Y., N. H. and Hartford R. R., . 

28 " Farm, and Mechanics' Nat'l Bank, 
Loaned on personal security, .... 



$5,850 00 

21,000 00 

1,000 00 

12,000 00 

63,700 00 

21,000 00 

22,950 00 

34,000 00 

8,700 00 

3,640 00 



$3,000 00 
11,000 00 
898 51 
10,000 00 
40,000 00 

32,500 00 

34,000 00 
8,000 00 

2,066 25 



$290,565 00 $209,964 76 



Schedule B. 

Stocks and Bonds owned by the 



United States bonds, 

Springfield city bonds, .... 

New York State bounty bonds, 

300 shares Boston and Albany R. R., 

Council Bluffs and St. Joseph R. R. bonds, 

Burling'n, Cedar Rap. and Minn. R. R. bonds 

Kansas Pacific R. R. bonds, . 

" " coupon certificates, . 

Missouri Pacific R. R. bonds, . 
Peoria and Rock Island R. R. bonds, 
Indiana, Bloom, and Western R. R. bonds, 
St. Louis, Alton and Terre Haute R. R. bonds 
Buffalo, N. Y. and Erie R. R. bonds, 
St. Joseph and Denver City R. R. bonds, 
5 shares Agawam Nat'l Bank, Springfield 

20 ' 
100 

81 ' 

33 

10 

24 

34 

15 

25 

15 

47 

50 



Pynchon Nat'l Bank, 
First Nat'l Bank, 
Second Nat'l Bank, 
Chicopee Nat'l Bank, 
John Hancock Nat'l Bank, " 
First Nat'l Bank, Chicopee, . 
First Nat'l Bank, Northampton, 
Eliot Nat'l Bank, Boston, 
Webster Nat'l Bank, Boston, 
Merchants' Nat'l Bank, Boston, 
Nat'l Bank of Commerce, Boston, 
Metropolifan Nat'l Bank, N. Y., . 



Company. 

Cost value. 

$207,204 45 

2,942 00 

73,525 00 

41,143 25 

26,054 25 

10,050 00 

25,878 49 

4,095 00 

22,011 50 

4,500 00 

36,312 36 

30,026 25 

5,748 75 

19,127 13 

515 00 

1,975 00 

10,750 00 

9,930 00 

4,800 00 

1,220 00 

2,586 00 

3,455 50 

1,522 50 

2,625 00 

1,844 57 

4,862 25 

6,950 00 



Market value. 

$239,297 00 

3,135 00 

72,800 00 

40,500 00 

28,500 00 

4,420 00 

18,850 00 

4,095 00 

24,000 00 

2,650 00 

16,000 00 

34,650 00 

6,000 00 

4,000 00 

700 00 

3,300 00 

14,500 00 

16,200 00 

5,445 00 

1,300 00 

3,960 00 

4,930 00 

1,650 00 

2,625 00 

2,115 00 

5,546 00 

6,500 00 



$561,654 25 $567,668 00 



16 MASSACHUSETTS LIFE [Dec. 31, 



NEW ENGLAND MUTUAL LIFE INSURANCE COMPANY, 

BOSTON. 

[Incorporated April 1, 1835. Commenced business December 1, 1843.] 

Benjamin F. Stevens, President. Secretary, Joseph M. Gibbens. 

Actuary, Walter C. Wright. 

Principal Office, Boston. 

Income. 

Total premium income, $2,256,494 42 

Cash received for interest on stocks, bonds and loans, . 805,223 14 
for interest on other debts due the company, 37,008 33 
for rents of company's property, . . . ..179 05 



Total income, $3,120,904 94 

Net or ledger assets, December 31, 1874, .... 12,696,913 32 



Total, $15,817,818 26 

Disbursements. 

Cash paid for losses and additions, . $770,620 77 

Premium notes or loans used in payment of same, . . 49,553 49 

Cash paid for matured endowments and additions, . . 147,196 16 

Premium notes or loans used in payment of same, . . 51,398 84 



Gross amount paid for losses and endowments, . . $1,018,769 26 

Cash paid for surrendered policies, 302,925 48 

Premium notes or loans used in purchase of surrendered 

policies and voided by lapse, 50,959 68 

Cash distributions paid policy-holders, applied in payment 

of premiums, 330,431 30 

Premium notes or loans used in payment of distributions, . 280,379 01 



Total paid policy-holders, . . . $1,983,464 73 

Cash paid for commissions to agents, .... 

for medical examiners 1 fees, .... 

for salaries of officers and office employes, . 

for taxes and fees, 

for advertising, 

for office, agency and incidental expenses, . 
Accrued interest on investments, . . . . * . 



§108,110 15 
9,100 85 
60,622 53 
15,602 02 
12,101 10 
110,157 15 
49,268 81 



Total disbursements, $2,348,427 34 



Balance, $13,469,390 92 



1875.] 



INSURANCE COMPANIES. 



17 



Invested in the following : — 

Assets as per Ledger Accounts 

Cost value of real estate, 

Loans on mortgage of real estate (first liens), . 
Loans on collateral security (schedule A), . 
Loans on company's policies assigned as collateral, 
Premium notes or loans on policies in force, 
Cost value of stocks and bonds owned (schedule B), 

Cash deposited in bank, 

Quarterly and semi-annual premium notes, . 
Notes due from agents, 



Ledger assets (as per balance), 



$1,336,334 33 

2,234,142 22 

390,096 62 

6,788 50 

2,113,957 82 

6,796,543 88 

315,293 89 

274,501 27 

1,732 39 

$13,469,390 92 



Other Assets. 

Interest and rents accrued, .... 
Market value of stocks and bonds, over cost, 
Uncollected and deferred premiums on poli- 
cies in force, 

Deduct loading (10 per cent.), 

Net am't of uncollected and deferred prem's, 

Total assets per company's books, 



$399,675 00 
39,967 00 



$236,355 41 
294,106 62 



359,708 00 
$14,359,560 95 



Items not Admitted. 



Agents' balances, 



Total admitted assets, 



1,732 39 



$14,357,828 56 



Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (Actuaries' 4 per cent.), 

Death losses unpaid, 

Unpaid distributions of surplus due policy-holders, 
All other liabilities : premiums paid in advance, . 



Liabilities as to policy-holders, 
Surplus as regards policy-holders, . 



Gross liabilities, 



$12,593,439 00 

122,100 00 

90,053 00 

4,613 23 

$12,810,205 23 
. 1,547,623 33 

$14,357,828 56 



Premium Note Account. 

Premium notes on hand Dec. 31, 1874, . . $2,494,335 49 

Premium notes or loans received during 1875, 666,213 92 

Total, 

Used in payment of losses and claims, . . $100,952 33 
of surrendered policies and 

voided by lapse, . . 50,959 68 
3 



$3,160,549 41 



18 



MASSACHUSETTS LIFE 



[Dec. 31, 



Used in payment of dividends to policy -hold- 
ers 8280,379 01 

Redeemed by maker in cash, . . . 339,799 30 

Total, 8772,090 32 



Balance note assets, December 31, 1875, 



. $2,388,459 09 



Exhibit of Policies. 
Policies and Additions in force December 31, 187 4. 



Number. 

Whole-life policies, 14,928 

Endowment policies, 3,734 

All other policies, 2,640 

Reversionary additions, 

New Policies Issued in 1875. 

Whole-life policies, 1,132 

Endowment policies, 275 

All other policies, 426 

Old Policies Revived during the year. 

Whole-life policies, 71 

Endowment policies, 21 

Additions by dividends, 



Amount. 

845,977,912 00 

9,675,898 00 

6,941,798 00 

65,674 00 



3,280,232 00 

601,876 00 

1,031,275 00 



Total number and amount, 



248,500 00 
46,000 00 
18,162 00 

23,227 867,887,327 00 



Policies ceased to be in force during the year. 



Terminated by death, 


. 250 


a,914 00 


by expiry, 


. 775 


2,181,065 00 


by surrender, .... 


. 415 


1,299,369 00 


by lapse, 


. 742 


2,012,650 00 


by change and decrease, 


. 


25,950 00 


Xot taken, 


. 277 


883,610 00 


Total terminated, 


. 2,459 


.44,558 00 


Policies in force December 31, 


1875. 




Whole-life policies, 


. 14,864 


,433,784 00 


Endowment policies, 


. 3,583 


9,229,770 00 


All other policies, 


. 2,321 


5,899,323 00 


Reversionary additions, 


. 


79,892 00 


Totals, 


. 20,768 


160,642,769 00 



Schedule A. 
Securities held as Collateral. 

Market value. Amount loaned. 

Bank stocks, 850,600 00 844,550 00 

Railroad bonds, 118,375 00 94,371 62 

United States bonds, 14,400 00 11,500 00 



1875.] 



INSUKANCE COMPANIES. 



19 



Philadelphia and Reading Coal Co., 
City and town loans, 
Manufacturing stocks, 
Railroad stocks, .... 
Philadelphia renewals, . 



$4,375 00 

2,740 00 

133,186 00 

127,461 00 

20,000 00 



$4,000 00 

2,150 00 

115,050 00 

113,475 00 

5,000 00 



1471,137 00 $390,096 62 



Schedule B. 

Stocks and Bonds owned by the 



72 shares Atlantic Nat'l Bank, 
100 " Bay State Nat'l Bank, . 
333 " Boston Nat'l Bank, 
100 " Continental Nat'l Bank, . 
50 " First Natl Bank, Cambridge 
21 " Massachusetts Nat'l Bank, 
91 " Merchants' Nat'l Bank, . 
160 " Nat'l City Bank, Lynn, . 
240 " Nat'l Eagle Bank, . 
150 " Hide and Leather Nat'l Bank 
200 " Revere Nat'l Bank, 
120 " State Nat'l Bank, . 
320 " Tremont Nat'l Bank, . 
200 " Webster Nat'l Bank, 
250 " Boston Safe Deposit and Trust Co. 
250 " Merchandise Nat'l Bank, 
744 " Boston and Albany R. R., 
300 " Boston and Maine R. R., 
300 " Boston and Providence, R. R 
800 " Chicago, Burl'n and Quincy R. R. 
800 " Conn, and Passumpsic R. R., 
300 " Eastern R. R., 
300 " Phila., Wil. and Baltimore R. R., 
120 " Fitchburg R. R., . 
150 " New York and New Haven R. R. 
850 " Norwich and Worcester R. R 
100 " Northern R. R., 
200 " Connecticut River R. R., 
220 " Chicago and Alton R. R., 
400 " Ports., Gt. Falls and Conway R. R. 
200 " Port,, Saco and Ports. R. R., 
100 " Eastern R. R. Co. (N. H.), 
Conn, and Passumpsic R. R. bonds, 
Eastern R. R. bonds, 
Phila., Wil. and Baltimore R. R. bonds, 
Agricultural Branch R. R. bonds, . 
Michigan Central R. R. bonds, 
Boston, Clinton and Fitchburg R. R, bonds, 



Company. 

Cost value. 

$7,101 00 
7,500 00 
33,300 00 
10,000 00 
5,000 00 
5,250 00 
9,100 00 
16,000 00 
24,000 00 
15,000 00 
20,000 00 
10,273 10 
31,951 25 
20,000 00 
25,000 00 
25,000 00 
74,400 00 
30,000 00 
29,950 00 
80,000 00 
69,363 25 
30,000 00 
15,000 00 
11,752 00 
15,000 00 
84,925 25 
10,000 00 
20,000 00 
22,000 00 
40,000 00 
20,000 00 
10,000 00 
175,890 00 
237,548 34 
75,871 67 
14,895 00 
73,000 00 
25,077 50 



Market value. 

$9,360 00 

9,400 00 

42,291 00 

10,800 00 

9,000 00 

6,300 00 

12,671 75 

20,800 00 

27,360 00 

16,200 00 

21,250 00 

12,600 00 

35,680 00 

20,000 00 

25,000 00 

25,000 00 

99,324 00 

31,800 00 

43,875 00 

90,800 00 

32,000 00 

3,000 00 

18,900 00 

15,600 00 

22,500 00 

108,800 00 

7,000 00 

27,000 00 

23,320 00 

800 00 

12,000 00 

2,000 00 

170,720 00 

100,000 00 

82,400 00 

15,300 00 

67,160 00 

25,760 00 



20 



MASSACHUSETTS LIFE 



[Dec. 31, 



Boston and Lowell R. R. bonds, 

Boston, Con. and Montreal R. R. bonds, 

Chicago, Burl'n and Quincy R. R. bonds, 

Worcester and Nashua R. R. bonds, 

New Haven and Derby R. R. bonds, 

Nashua and Rochester R. R. bonds, 

Albany city loan, 

Boston city loan, 

Charlestown city loan, 

Chicago sewerage loan, 

Connecticut state loan, 

Chelsea city loan, . 

Lawrence city loan, . 

Dorchester town loan, 

Nashua city loan, 

Massachusetts state loan 

Portland city loan, . 

Roxbury city loan, . 

Rhode Island state loan, 

Cincinnati city loan, 

Beverly town loan, . 

Worcester water loan, 

Lowell water loan, . 

Brookline town loan, 

Worcester city loan, 

Taunton city loan, . 

Loan to Eastern R. R., 

Somerville city loan, 

Barre town loan, 

Springfield city loan, 

Fitchburg city loan, 

Providence city loan, 

Loan to Prov. and Worcester R. R. 

Norwich city loan, . 

Meriden town loan, . 

Fall River city loan, 

Cambridge city loan, 

Lynn city loan, 

Maine state loan, 

Holyoke town loan, . 

Newton city loan, . 

Haverhill city loan, . 

United States bonds, 

55 shares Boston Gas Light Co., 

Massachusetts Cotton Mills, 

Dwight Manufacturing Co., 

Salem city loan, 



%0,926 GG 

598,230 00 

120,000 00 

75,000 00 

14,250 00 

116,191 66 

49,256 00 

437,736 12 

122,716 67 

70,350 00 

6,000 00 

231,504 17 

161,210 83 

103,000 00 

15,000 00 

124,172 35 

7,000 00 

10,000 00 

60,000 00 

95,000 00 

310,000 00 

25,000 00 

56,533 33 

450,100 00 

495,000 00 

6,940 50 

9,758 00 

60,000 00 

50,220 00 

126,000 00 

125,485 17 

146,403 06 

100,000 00 

50,000 00 

100,000 00 

203,000 00 

2,000 00 

1,000 00 

17,500 00 

5,000 00 

50,000 00 

5,000 00 

465,335 00 

27,500 00 

5,000 00 

5,000 00 

43,076 00 



§9,700 00 

025,800 00 

128,400 00 

76,500 00 

15,750 00 

125,000 0<J 

51,200 00 

482,475 00 

130,250 00 

78,468 75 

6,360 00 

248,130 00 

170,335 00 

104,030 00 

15,000 00 

141,900 00 

7,157 50 

10,000 00 

63,600 00 

100,350 00 

319,300 00 

26,250 00 

59,850 00 

472,605 00 

525,000 00 

7,210 00 

4,400 00 

62,400 00 

55,620 00 

138,600 00 

133,350 00 

164,850 00 

105,000 00 

55,000 00 

110,000 00 

212,642 50 

2,100 00 

1,040 00 

18,725 00 

5,300 00 

53,000 00 

5,250 00 

562,970 00 

42,625 00 

5,000 00 

1,800 00 

46,585 00 



§6,796,543 88 §7,090,650 50 



1875.] 



INSURANCE COMPANIES. 



21 



STATE MUTUAL LIFE ASSURANCE COMPANY, WORCESTER. 

[Incorporated March 16, 1844. Commenced business June 1, 1845.] 

Isaac Davis, President. Secretary, Clarendon Harris. 

Emory Washburn, \ w 

Charles L. Putnam, / Vice-Presidents. Actuary, William E. Starr. 

Principal Office, No. 240 Main Street. 

Income. 

Total premium yicome, $284,672 86 

Cash received for interest on stocks, bonds and loans*. . 111,200 45 



Total income, $395,873 31 

. 1,718,482 56 



Net or ledger assets, December 31, 1874, 

Total, 

Disbursements. 
Cash paid for losses and additions, 



$2,114,355 87 



$118,357 23 
17,853 65 
7,259 71 



for surrendered policies, 

for allocated dividends surrendered, 
Cash dividends paid policy-holders, applied in payment of 
premiums, 80,572 68 



Total paid policy-holders, . . . $224,043 27 

Cash paid for commissions to agents, 

for salaries and travelling expenses of agents, 

for medical examiners' fees, 

for salaries of officers and office employes, . 

for taxes and fees, 

for rent, 

for advertising, 



Total disbursements, 
Balance, . 



Invested in the following : — 

Assets as per Ledger Accounts 

Cost value of real estate, 

Loans on mortgage of real estate (first liens), 
Premium notes or loans on policies in force, . 
Cost value of stocks and bonds owned (schedule A) , 
Cash deposited in bank, 



. $22,103 46 

2,158 94 

1,392 00 

9,448 12 

1,502 70 

2,000 00 

8,227 33 

. $270,875 82 

$1,843,480 05 



Ledger assets (as per balance), 



$50,000 00 

154,480 00 

25,449 04 

1,324,165 57 

289,385 44 

$1,843,480 05 



Other Assets. 

Interest accrued, $11,000 00 

Market value of stocks and bonds over cost, .... 75,077 10 



Total assets per company's books, . 



§1,929,557 15 



22 MASSACHUSETTS LIFE [Dec. 31, 

Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (Actuaries' 4 per cent.) , . . . #1,657,213 00 

Death losses and matured endowments in 
process of adjustment, §11,500 00 

Claims resisted by the company, . . . 10,000 00 

Total policy claims, 21,500 00 

Unpaid dividends of surplus due policy-holders, . . . 3,106 70 



Liabilities as to policy-holders, .... $1,681,819 70 
Surplus as regards policy-holders, . . . . ' 247,737 45 

Gross liabilities, $1,929,557 15 

Premium Note Account. 

Premium notes on hand Dec. 31, 1874, . . $30,890 99 
Premium notes or loans received during 1875, 

Total, 

Used in payment of surrendered policies and 

voided by lapse, 

Redeemed by maker in cash, .... 

Total, 

Balance note assets, December 31, 1875, . 

Exhibit of Policies. 

Policies and Additions in force December 31, 1874. 

Number. Amount. 

Whole-life policies, 3,477 $7,028,847 00 

Endowment policies, 991 1,949,624 00 

All other policies, 16 20,500 00 

New Policies Issued in 1875. 

Whole-life policies, 379 1,105,500 00 

Endowment policies, . # 84 178,000 00 



43,789 31 


$74,680 30 
49,231 26 


$1,277 91 
47,953 35 




. . • 


$25,449 04 



Total number and amount, .... 4,947 $10,282,471 00 

Policies ceased to be in force during the year. 

Terminated by death, 57 $104,150 00 

by expiry, . 
by surrender, 
by lapse, 



4 5,000 00 

76 169,000 00 

65 130,000 00 



Total terminated, 202 $408,150 00 

Policies in force December 31, 1875. 

AVhole-life policies, 3,72S $7,883,697 00 

Endowment policies, 1,005 1,975,124 00 

All other policies, 12 15,500 00 

Totals, 4,745 $9,874,321 00 



1875.] 



INSURANCE COMPANIES. 



23 



Schedule A. 

Stocks and Bonds owned by the Company. 

Cost value. Market value. 

United States registered bonds, . . . $283,348 91 $322,000 00 

New Hampshire state bonds, .... 1,000 00 1,000 00 

Worcester city bonds, 123,000 00 123,000 00 

Meriden city bonds, 42,785 00 42,785 00 

Providence city bonds, .*.... 25,250 00 25,250 00 

Bangor city bonds, 26,375 00 26,375 00 

Lynn city bonds, 50,000 00 50,000 00 

Cambridge city bonds, 14,642 50 15,000 00 

Springfield city bonds, 96,720 00 106,220 00 

Portland city bonds, ..... 28,841 49 30,000 00 

Brookline town bonds, . . . . . 40,000 00 40,000 00 

Northampton town bonds, .... 23,500 00 25,750 00 

Upton town bonds, 16,160 00 16,160 00 

Dudley town bonds, 10,150 00 10,150 00 

Providence # and Worcester R. R. bonds, . . 125,000 00 125,000 00 

Worcester and Nashua R. R. bonds, . . 101,500 00 101,500 00 

Boston and Albany R. R. bonds, . . . 105,516 67 105,516 67 

Personal security, 3,000 00 3,000 00 

80 shares Millbury Nat'l Bank, . . . 8,000 00 8,800 00 

79 " Grafton Nat'l Bank, . . . 7,900 00 8,690 00 

50 " Leicester Nat'l Bank, . . . 5,525 00 5,500 00 

20 " Northborough Nat'l Bank, . . 2,000 00 2,600 00 

100 " Third Nat'l Bank, .... 10,000 00 15,000 00 

40 " City Nat'l Bank, .... 4,000 00 5,000 00 

25 " Central Nat'l Bank, . . . 2,500 00 3,500 00 

187 " Quinsigamond Nat'l Bank, . . 18,790 00 22,440 00 

35 " Worcester Nat'l Bank, . . . 4,900 00 4,375 00 

167 " Howard Nat'l Bank, . . . 17,115 50 18,537 00 

50 " Webster Nat'l Bank, . . . 5,275 00 5,000 00 

112 " Hide and Leather Nat'l Bank, . 11,575 00 12,090 00 

75 " Republic Nat'l Bank, . . . 7,562 50 9,000 00 

50 " First Nat'l Bank, .... 5,000 00 10,200 00 

100 . " Continental Nat'l Bank, . . 10,012 50 11,475 00 

67 " Shawmut Nat'l Bank, . . . 6,725 00 7,839 00 

90 " Revere Nat'l Bank, . . . 9,061 25 9,540 00 

40 " Eliot Nat'l Bank 4,075 50 4,400 00 

195 " Atlantic Nat'l Bank, . . . 24,723 75 25,350 00 

100 " Tremont Nat'l Bank, . . . 13,300 00 11,200 00 

115 " Redemption Nat'l Bank, . . 15,985 00 17,100 00 

25 " Suffolk Nat'l Bank, . . . 3,350 00 2,900 00 

50 " Westminster Nat'l Bank, . . 5,000 00 5,000 00 

50 " Wachusett Nat'l Bank, . . . 5,000 00 5,000 00 



$1,324,165 57 $1,399,242 67 



LIFE INSURANCE COMPANIES 

OF OTHER STATES. 



Detailed Statements of Assets a*o> Liabilities, with Abstract 

of Annual Statements, for the Year ending 

December 31, 1875. 



26 



LIFE INSURANCE COMPANIES [Dec. 31, 



DETAILED STATEMENTS OF ASSETS AND LIABILITIES. 



.ETNA LIFE INSURANCE COMPANY, HARTFORD, CONN. 

[Incorporated 1820. Commenced business 1850.] 

Paid-up Capital, #150,000. 

T. O. Enders, President. Secretary, J. L. English. 

Austin Dunham, Vice-President. Actuary, H. W. St. John. 

Principal Office, 228 Main Street. 

Attorney to accept service, Dwight Chester, Boston. 



Income. 

Total premium income, $4,009,144 29 

Cash received for interest on stocks, bonds and loans, . 1,428,051 55 
for interest on other debts due the company, 88,009 40 
as discount on claims paid in advance, . . 1,247 66 



Total income, $5,526,452 90 

Net or ledger assets, Dec. 31, 1874, 19,590,719 21 



Total, 



825,117,172 11 



Disbursements. 
Cash paid for losses and additions, .... 
Premium notes or loans used in payment of same, 
Cash paid for matured endowments and additions, 
Premium notes or loans used in payment of same, 

Gross amount paid for losses and endowments, . 
Received for losses and claims on policies reinsured, 

Net amount paid for losses and endowments, 
Cash paid for surrendered policies, .... 
Premium notes or loans used in purchase of surrendered 

policies and voided by lapse, 

Cash dividends paid policy-holders, .... 
Premium notes or loans used in payment of dividends, 



Total paid policy-holders, 



88,453,594 05 



Cash paid for dividends to stockholders, 

for commissions to agents, .... 
for salaries and travelling expenses of agents, 



§1,223,136 79 

98,187 24 

179,223 91 

69,873 98 

$1,570,421 92 

31,942 72 

$1,538,479 20 
861,442 24 

454,102 85 
244,741 18 
354,828 58 



$45,000 00 

283,209 78 

9,202 06 



1875.] 



OF OTHER STATES. 



27 



Cash paid for medical examiners' fees, 

for salaries of officers and office employes, 
for taxes and fees, .... 

for rent, 

for furniture and office fixtures, . 

for advertising, 

for office, agency and incidental expenses, 

Total disbursements, 

Balance, 



$20,551 05 

66,532 05 

115,042 38 

9,096 83 

503 64 

3,705 02 

38,647 49 

$4,045,084 35 



$21,072,087 76 



Invested in the following : — 

Assets as per Ledger Accounts 

Cost value of real estate, 

Loans on mortgage of real estate (first liens), . 

Loans on collateral security (schedule A), . 

Premium notes or loans on policies in force, 

Cost value of stocks and bonds owned (schedule B), 

Cash in company's office, 

Cash deposited in bank, 

Bills receivable, .... 

Agents' ledger balances, 

Ledger assets (as per balance), 



Other Assets 

Interest due and accrued, 
Market value of stocks and bonds, over cost 
Reinsurance due from other companies, 
Uncollected premiums on policies in force, 
Deferred premiums on policies in force, 



Total, 

Deduct loading (29-(- per cent.), . 

Net am't of uncollected and deferred prem's, 

Total assets per company's books, 



$149,597 45 

7,964,673 06 

274,453 26 

4,217,607 30 

7,289,131 70 

24,434 05 

961,929 26 

141,217 37 

49,044 31 

$21,072,087 76 



499,381 33 

205,201 14 

40,000 00 



$133,804 45 
142,259 64 

$276,064 09 
80,180 88 



195,883 21 
$22,012,553 44 



Items not Admitted. 



Agents' balances, . 
Bills receivable, 
Total, 

Total admitted assets, 



$49,044 31 
141,217 37 



190,261 68 
$21,822,291 76 



Liabilities. 
Computed premium reserve or net present 
value of all outstanding policies (Actua- 
ries' 4 per cent.), ... 



$19,497,015 00 



28 LIFE INSURANCE COMPANIES [Dec. 31, 

Deduct net value of reinsured risks, . . $281,589 00 

Net premium reserve, .... $19,215,426 00 

Death losses due and unpaid, . . . $44,130 86 

Matured endowments due and unpaid, . . 3,741 00 

Death losses and matured endowments in 
process of adjustment, .... 264,794 00 

Claims resisted by the company, . . . 88,288 10 

Total policy claims, .... 400,953 96 

Unpaid dividends of surplus due policy-holders, . . . 185,990 47 

All other liabilities : bills payable, etc., .... 13,002 13 



Liabilities as to policy-holders, 
Surplus as regards policy-holders, 

Gross liabilities, . 



819,815,372 56 
. 2,006,919 20 

821,822,291 76 



Premium Note Account. 

Premium notes on hand Dec. 31, 1874, . . $4,664,483 45 

Premium notes or loans received during 1875, 537,383 84 

Total, $5,201,867 29 

Used in payment of losses and claims, . $161,240 53 
of surrendered policies and 

voided by lapse, . . 454,102 85 
of dividends to policy-hold- 
ers 354,828 58 

Redeemed by maker in cash, . . . 14,088 03 

Total, 984,259 99 



Balance note assets, December 31, 1875, . . . $4,217,607 30 

Exhibit of Policies. 
Policies and Additions in force December 31, 1874. 

Number. Amount 

Whole-life policies, 33,730 $65,299,438 00 

Endowment policies, . . . . . . 19,928 24,164,979 00 

Joint-life policies, 78 180,700 00 

Short-term policies, 1,836 4,861,875 00 

New Policies Issued in 1875. 

Whole-life policies, 

Endowment policies, 

Short-term policies, 

Old Policies Revived arid Increased during the year. 

Whole-life policies, 35 128,552 00 

Endowment policies, 9 26,188 00 

Short-term policies, 3 7,000 00 



. 4,432 


6,871,334 00 


. 1,887 


1,796.273 00 


. 1,012 


2,518,930 00 



Total number and amount, . . . . .62,950 $105,855,269 00 



1875.] 



OF OTHER STATES. 



29 



Policies ceased to be 
Terminated by death, 

by maturity, 

by expiry, . 

by surrender, 

by lapse, 
Not taken, 

Total terminated, 

Policies in force 
Whole-life policies, 
Endowment policies, 
Joint-life policies, . 
Short-term policies, 



in force during the year. 

620 $1,273,065 00 

177 229,315 00 

5 22,000 00 

2,735 5,696,008 00 

1,693 5,440,936 00 

977 1,739,934 00 



6,207 $14,401,258 00 



Totals, 



December 32, 1875. 
. 34,495 
. 19,853 
59 
. 2,336 



$62,877,363 00 

22,390,847 00 

136,200 00 

6,049,601 00 



.56,743 $91,454,011 00 



Schedule A. 

Securities held as Collateral. 

Market value. 

$11,900 00 



50 shares Hartford Carpet Co., 
1200 " Willimantic Linen Co., 

76 " iEtna Fire Ins. Co., 
United States 5-20 bonds, 

40 shares N. Y., N. H. and H. R. R. Co 

85 " Union Salt Co., 
5 Keithsburg town bonds, 
Dayton town bonds, 
Mt. Pulaski bonds, . 
Mortgage assigned, . 
100 shares Chicago and N. W. R. R., pref., 

1QA « it « H CC It 

1 Lake Sh. and Mich. So. R. R., pref. 

' Chicago and N. W. R. R., pref., 

1 Mil. and St. Paul R. R., pref., 

1 State Bank, Hartford, . 

' United States Trust Co., 

1 Willimantic Linen Co., . 

' United States Trust Co., 

1 Hartford Coal and Salt Co., 

' ^Etna Fire Ins. Co., 



100 

100 

100 

24 

125 

100 

13 

100 

100 

40 

26 

50 

100 

5 

8 

24 

50 

168 



Hartford Carpet Co., 
United States Trust Co., 
Willimantic Linen Co., . 
N. Y., N. H. and H. R. R. Co. 
American Screw Co., 
Agawam Canal Co., 
Cleveland and Pittsburgh R. R., 
JEtna Fire Ins. Co., 



2 ) 
0/ 



84,000 00 

15,404 00 
5,270 62 
5,760 00 

42,500 00 
1,500 00 > 
1,000 00 I 
1,000 00 J 
1,000 00 
5,650 00^ 
5,650 00 
6,050 00 
5,650 00 
6,700 00 j 
3,000 00 J 

12,500 00 n 
7,000 00 ! 

:J 

20,400 00 

8,160 00 

6,188 00 

5,000 00 

7,000 00 

720 00 

4,000 00 

600 00 

2,225 00 

34,272 00 



Amount loaned. 

$62,148 59 

10,000 00 

25,000 00 

2,680 00 

981 64 

26,000 00 



1,300 00 
2,500 00 



} 



17,300 00 



25,000 00 

4,000 00 

4,000 00 

350 00 

4,056 97 

1,200 00 

1,068 75 



30 



LIFE INSURANCE COMPANIES [Dec. 31, 



500 shares Kellogg and Bulkeley Co., 
150 " United States Trust Co., 

6 " Metropolitan Bank, N. Y., 

7 " N. Y., N. H. and H. R. R., 
7 " Nat'l Bank of the Republic, 

Mortgage assigned, 

200 shares Willimantic Linen Co., . 

400 " " " " 

520 " Wheeler & Wilson Manuf. Co 

5 " .Etna Fire Ins. Co., 
Mortgage assigned, 



$9,000 00 

15,000 00 

774 00 

1,008 00 
728 00 

1,300 00 
14,000 00 
28,000 00 
65,000 00 

1,020 00 

4,000 00 



\ $23,2 



267 31 



2,000 00 

600 00 
20,300 00 

40,000 00 
4,500 00 



$453,729 62 3274,453 26 



Schedule B. 

Stocks and Bonds owned by the Company. 

Cost value. Market value. 

235 shares Conn. River Banking Co., . . §17,545 00 $14,100 00 

100 " Metropolitan Bank, N. Y., . . 13,437 50 12,900 00 

918 " Phoenix Nat'l Bank, Hartford, . 124,285 50 146,880 00 

400 " Mercantile Nat'l Bank, Hartford, . 42,885 25 50,000 00 

560 " City Nat'l Bank, Hartford, . . 60,900 75 60,480 00 

750 " Hartford Nat'l Bank, Hartford, . 107,720 25 120,000 00 

739 " First Natl Bank, Hartford. . . 92,060 66 103,460 00 

1552 " Natl Exchange Bank, Hartford, . 93,729 80 100,880 00 

1608 " American Nat'l Bank, Hartford, . 93,576 87 117,384 00 

807 " Farmers and Mechanics' Bank, . 102,451 25 105,717 00 

200 " Suffield Nat'l Bank, . . . 21,800 00 24,400 00 

250 " New Britain Nat'l Bank, . . 28,450 00 31,250 00 

836 " Charter Oak Nat'l Bank, Hart'd, . 97,572 25 111,188 00 

700 " -Etna Nat'l Bank, Hartford, . . 79,969 46 91,000 00 

200 " Hartford Trust Co., . . . 20,825 00 21,600 00 

50 " United States Trust Co., Hartford, 5,262 50 5,000 00 

200 " Rockville Nat'l Bank, . . . 20,000 00 20,800 00 

40 " Dominion Bank, Canada, . . 2,100 00 2,360 00 

100 " Security Co., 10,000 00 10,000 00 

United States gov't bonds, .... 356,850 63 394,511 56 

368 shares Conn. River R. R., . . . . 39,372 25 47,840 00 

63 " .Etna Fire Ins. Co., . . . 17,136 68 12,852 00 

955 " N. Y., N. H. and Hart. R. R., . 140,051 75 137,520 00 

Indianapolis and Cin. R. R. bonds, . . 47,380 00 46,000 00 

Columbus and Indianapolis R. R. bonds, . 45,000 00 35,000 00 

Cin. and Indiana R. R. bonds, . . . 20,675 00 20,400 00* 

Cleve., Paine, and Ashtabula R. R. bonds, . 25,671 25 26,000 00 

Dayton and Michigan R. R. bonds, . . 13,950 00 13,950 00 

Little Miami R. R. bonds, .... 890 00 960 00 

New York Central R. R. bonds, . . . 3,810 00 4,080 00 

Union Pacific R. R. bonds, .... 30,690 00 31,500 00 

Harlem and Pt. Chester R. R. bonds, . . 99,500 00 105,000 00 



1875.] 



OF OTHER STATES. 



31 



N. Y. Central and Hudson River R. R. bonds, 
Keokuk and Des Moines Val. R. R. bonds, 
Indiana Central R. R. bonds, . 
Cleveland and Pittsburg R. R. bonds, 
So. Minnesota R. R. bonds, 

Terre Haute city bonds, . 
Richmond city bonds, 

" 8s, 
Edgar county bonds, 
Paris township bonds, 
Mobile city bonds, . 
Georgetown township bonds, 
Newman township bonds, 
Camargo township bonds, 
Garrett township bonds, . 
Elwood township bonds, . 
Hartford town 10-30 bonds, 
Warren county bonds, 
Hartford city (non-taxable) bonds, 
Hartford town (non-taxable) bonds, 
Hartford capital (non-taxable) bonds, 
Hartford funded debt bonds, 
Cleveland city bonds, 
Louisville city bonds, 
Marion county court-house bonds, 
Atlantic dock bonds, 
Munroe county bonds, 
Papineau township bonds, 
Macon county bonds, 
. South Carolina bonds, 
Ford county bonds, . 
Brooklyn township bonds, 
Adams county bonds, 
Kansas city (Mo.) bonds, 
Mt. Pulaski bonds, . 
Town of Grant bonds, . 
Penn township bonds, 
Moline town bonds, 
New Britain city bonds, . 
Christian county bonds, . 
Cook county bonds, 
Sangamon county bonds, 

10s, 
Virginia state bonds, 
Chicago water loan bonds, 
Springfield (111.) bonds, . 
" 8s, 
" " water bonds, 



$100,000 00 
21,054 00 
9,225 00 
747 50 
22,110 00 
35,000 00 
61,400 00 
20,500 00 
30,000 00 
53,600 00 
12,000 00 

120,000 00 
30,000 00 
11,700 00 
14,625 00 
12,675 00 
32,000 00 
21,000 00 
930 00 
68,950 00 
10,975 00 
87,740 00 

211,620 00 

237,230 00 
89,750 00 
99,500 00 
23,750 00 
35,000 00 
6,000 00 
46,475 00 
26,545 00 
58,000 00 
46,750 00 
37,937 00 
90,500 00 
30,000 00 
20,453 22 
18,525 00 
19,750 00 

130,689 00 
18,800 00 
22,750 00 
23,500 00 
15,750 00 
20,986 00 
50,000 00 
56,995 00 
42,240 00 
37,970 00 



$120,000 00 

15,675 00 

9,000 00 

1,000 00 

12,400 00 

10,000 00 

67,000 00 

25,000 00 

30,000 00 

53,600 00 

12,000 00 

120,000 00 

30,000 00 

11,700 00 

14,625 00 

12,675 00 

32,000 00 

22,050 00 

930 00 

72,450 00 

11,550 00 

92,400 00 

226,440 00 

250,950 00 

100,000 00 

105,000 00 

26,250 00 

35,000 00 

6,000 00 

46,475 00 

17,500 00 

58,000 00 

46,750 00 

41,000 00 

92,500 00 

30,000 00 

20,453 22 

18,525 00 

19,750 00 

130,689 00 

18,800 00 

26,250 00 

25,000 00 

15,750 00 

14,434 68 

52,000 00 

57,000 00 

44,000 00 

40,000 00 



32-. 



LIFE INSURANCE COMPANIES [Dec. 31, 



Tennessee state bonds, . 
Edgewood town bonds, . 
West Hartford town bonds, . 
Rock Island town bonds, 
Elizabeth city funded debt bonds, 

" " street improvement bonds 

Grand Rapids city bonds, 
Lennox town bonds, 
Green county bonds, 
Hartford town bonds, 
Peoria city bonds, . 
Danbury town bonds, 
Astoria town bonds, 
Ottawa city bonds, . 
Kankakee county bonds, 
Woodland town bonds, 
Toledo city bonds, . 
Browning town bonds, 
Beardstown city bonds, 
Bushnell town bonds, 
Peoria city bonds, 10s, 
Macoupin county bonds, 
Mississippi state warrants 
Virginia town bonds, 
Ricks township bonds, 

Sangamon county bonds, 

White county bonds, 

Gallatin county bonds, 

Areola town bonds, 

Moultrie county bonds, 

Randolph county bonds, 

Mattoon town bonds, 

Winchester town bonds, 

Urbana township bonds, 

New Boston city bonds, 

Middleport town bonds, 

Belmont town bonds, 

Galva town bonds, . 

Milford township bonds, 

Keithsburg town bonds, 

De Witt township bonds 

De Witt county bonds, 

Ross town bonds, . 

Aurora town bonds, 

Evans town bonds, . 

Wabash county bonds, 

Cleveland city funded debt bonds, 

Jersey city bonds, . 

Newark city bonds, . 



831,301 00 
8,850 00 
15,000 00 
41,125 00 
124,572 50 
40,007 50 
34,581 83 
8,400 00 
18,200 00 
28,710 00 
100,200 00 
18,050 00 
4,500 00 
15,000 00 
24,687 50 
4,500 00 
7,400 00 
4,500 00 
2,980 00 
21,875 00 
16,000 00 
43,400 00 
8,786 05 
- 4,500 00 
6,980 00 
46,000 00 
10,860 00 
10,400 00 
24,375 00 
45,240 00 
50,830 00 
20,250 00 
9,600 00 
7,680 00 
9,750 00 
14,700 00 
14,700 00 
14,700 00 
20,204 80 
23,000 00 
9,950 00 
29,850 00 
28,802 70 
13,860 00 
2,895 00 
26,100 00 
52,390 00 
122,900 00 
172,015 00 



G00 00 
8,850 00 
15,000 00 
41,125 00 
123,480 00 
43,120 00 
34,581 83 
8,400 00 
18,200 00 
29,000 00 
100,200 00 
18,050 00 
4,500 00 
15,000 00 
24,687 50 
4,500 00 
8,000 00 
4,500 00 
3,500 00 
21,875 00 
16,000 00 
12,900 00 
8,786 05 
4,500 00 
6,980 00 
50,000 00 
10,860 00 
10,400 00 
24,375 00 
45,240 00 
50,830 00 
20,250 00 
9,600 00 
7,680 00 
9,750 00 
14,700 00 
14,700 00 
14,700 00 
20,204 80 
23,000 00 
9,950 00 
29,850 00 
28,802 70 
13,860 00 
2,895 00 
26,100 00 
54,600 00 
133,900 00 
182,700 00 



1875.] 



OF OTHER STATES. 



33 



Buffalo city water bonds, 
Morgan county bonds, 
Des Moines city bonds, . 
Evansville city bonds, 
Fort Wayne city bonds, . 
Indianapolis city bonds, . 
Quincy city bonds, . 
Milwaukee city water bonds, 
Cincinnati city bonds, 
Hudson county bonds, 
N. Y. consolidated stock, 
Hartford city bonds, 
Hartford county bonds, . 
Morgan and Ogle county bonds, 
Logansport bonds, . 
St. Paul city bonds, . 
Iroquois county bonds, . 
East Windsor town bonds, 
Ramsey county bonds, 
Marion county bonds, 
Kansas state bonds, 
Randolph county bonds, . 
Brooklyn township bonds, 
Hartford town bonds, 



§99,750 00 
27,475 00 
40,000 00 
22,195 00 
40,305 00 

369,970 00 
37,564 00 
97,500 00 

100,000 00 
49,843 75 

104,000 00 
4,151 75 

115,000 00 
5,000 00 
61,200 00 
52,350 00 
55,221 50 
29,700 00 
32,000 00 

200,250 00 

99,750 00 

500 00 

1,000 00 

60,000 00 



$104,000 00 

27,475 00 

40,000 00 

25,200 00 

40,305 00 

379,200 00 

37,564 00 

100,000 00 

101,000 00 

51,500 00 

108,000 00 

4,000 00 

115,000 00 

5,000 00 

61,200 00 

52,350 00 

55,221 50 

29,700 00 

32,000 00 

200,250 00 

100,000 00 

500 00 

1,000 00 

60,000 00 



',289,131 70 $7,494,332 84 



AMERICAN POPULAR LIFE INSURANCE COMPANY, NEW YORK. 

[Incorporated May, 1866. Commenced business June, 1866.] 

Paid-up Capital, $306,700. 

T. S. Lambert, President. Secretary, James Cruikshank. 

Moreau Morris, Vice-President and Surgeon-in-Chief. 

John Paterson, A. J. Reid, Actuaries. 

Principal Office, 419 and 421 Broadway. 

Attorney to accept service, Wm. E. Sheldon, Boston. 

Income. 

Total premium income, . . . $201,417 31 

Cash received for interest on stocks, bonds and loans, . . 27,558 21 
for rents of company's property, . . . 2,641 51 

Total income, $231,617 03 

Net or ledger assets, December 31, 1874, . $537,426 66 
Increase of capital during 1875, . . . 22,200 00 

559,626 66 

Total, $791,243 69 

5 



34 



LIFE INSURANCE COMPANIES [Dec. 31, 



Disbursements. 

Cash paid for losses and additions, $31,150 57 

Premium notes or loans used in payment of same, . 65 43 

Gross amount paid for losses and endowments. . . $31,216 00 

Cash paid for surrendered policies, 276 92 

Premium notes or loans used in purchase of surrendered 

policies and voided by expiry, 38,790 28 

Cash surrender values, including reconverted additions ap- 
plied in payment of premiums, 1,704 17 

Cash dividends paid policy-holders, $8,097.76 ; applied in 

payment of premiums, $38,021.71, 46,119 47 

Total paid policy-holders, . . . $118,106 84 

Cash paid for dividends to stockholders, .... $16,149 00 

for commissions to agents, 12,630 65 

for salaries and travelling expenses of agents, . 10,000 00 

for medical examiners' fees, 2,999 96 

for salaries of officers and office employes, . . 13,295 29 

for taxes and fees, 299 92 

for rent, 5,749 96 

for furniture and office fixtures, . . . . 816 62 

for advertising, . . . . . . . 9,087 56 

for office, agency and incidental expenses, . . 10,777 10 

Total disbursements, $199,912 90 

Balance, $591,330 79 



Invested in the following : — 

Assets as per Ledger Accounts, 
Loans on mortgage of real estate (first liens), 
Loans on collateral security (schedule A), 
Premium notes or loans on policies in force, . 
Cost value of stocks and bonds owned (schedule B), 
Cash in company's office and deposited in bank, . 

Bills receivable, 

Agents' ledger balances, 



Ledger assets (as per balance), 



$78,187 33 

26,513 03 

130,607 32 

152,669 76 

155,852 48 

9,152 50 

38,348 37 



$591,330 79 



Other Assets. 
Interest due and accrued, . 

Rents due and accrued, 

Market value of stocks and bonds, over cost, 
Uncollected premiums on policies in force, . 
Deferred premiums on policies in force, 



Total, 



$51,377 15 
128,805 69 



9,398 03 

3,545 30 

17,305 24 



180,182 84 



Furniture and fixtures, 14,838 08 



1875.] 



OF OTHER STATES. 



35 



Commuted commissions. .... 
Agency supplies, stationery, etc., . 

Total assets per company's books, . 

Items not Admitted. 

Furniture and fixtures, . 
Commuted commissions, 
Agents 1 balances, 
Bills receivable, 

Agency supplies, stationery, etc., 
Total, .... 

Total admitted assets, 



Liabilities. 
Computed premium reserve or net present 
value of all outstanding policies (Actua- 
ries 1 4 per cent.), 

Deduct net value of reinsured risks, 

Net premium reserve, 
Death losses and matured endowments in 

process of adjustment, . . " . 
Claims resisted by the company, . 

Total policy claims, .... 



131,656 48 
9,000 00 



$14,838 08 

31,656 48 

38,348 37 

9,152 50 

9,000 00 


$857,256 76 
102,995 43 





. 1754,261 33 



Liabilities as to policy-holders, 
Surplus as regards policy-holders, . 



Gross liabilities, 



$560,339 
4,048 



00 
00 



'$556,291 00 



$5,000 
15,000 



00 
00 



20,000 00 

. $576,291 00 
. 177,970 33 



$754,261 33 



Premium Note Account. 



Premium notes on hand Dec. 31, 1874, . 
Premium notes or loans received during 1875, 

Total, 

Used in payment of losses and claims, . 

of surrendered policies and 
voided by expiry, . 
Redeemed by maker in cash, . 

Total, 

Balance note assets, December 31, 1875, 



$112,361 
64,846 



17 
50 



$177,207 67 



$65 43 



38,790 
7,744 



28 
64 



- 46,600 35 
. $130,607 32 



Exhibit of Policies. 

Policies and Additions in force December 31, 1874. 

Number. Amount. 

Whole-life policies, 2,212 $4,839,110 00 

Endowment policies, 22 27,199 00 

All other policies, 920 3,396,590 00 



Company's valuation at rated ages, $407,384. 



36 LIFE INSURANCE COMPANIES [Dec. 31, 

New Policies Issued in 1875. 

Whole-life policies, 67 $132,962 00 

Endowment policies, 1 900 00 

All other policies, 611 3,315,200 00 

Old Policies Revived during the year. 

Whole-life policies, 18 48,396 00 

" " increased, .... - 2,500 00 



Total number and amount, .... 3,851 $11,762,857 00 



Policies ceased to be in force during the year. 

Terminated by death, 12 $31,216 00 

by expiry, .... 

by surrender, 

by change and decrease, 
Not taken, 



Total terminated, 



375 1,013,500 00 

2 4,000 00 

91 221,700 00 

62 279,254 00 



542 $1,549,670 00 



Policies in force December 31, 1875. 

Whole-life policies, 1,909 $4,077,298 00 

Endowment policies, 21 23,099 00 

All other policies 1,379 6,112,790 00 

Totals, 3,309 $10,213,187 00 

Schedule A. 

Securities held as Collateral. 

Market valne. Amonnt loaned. 

Mortgages assigned as collateral, . . . $900 00 $713 03 

32 shares U. S. Publishing Co., . . . 32,000 00 25,800 00 

$32,900 00 $26,513 03 

Schedule B. 

Stocks and Bonds owned by the Company. 

Cost value. Market valne. 

United States bonds, $102,224 76 $120,400 00 

N. Y. state bounty bonds, 7s, . . . . 37,445 00 36,575 00 

Salem village (N. Y.) bonds, .... 5,000 00 5,000 00 

Ninth Nat'l Bank stock, N. Y., 8,000 00 8,000 00 



$152,669 76 $169,975 00 



1875.] 



OF OTHER STATES. 



37 



ATLANTIC MUTUAL LIFE INSURANCE COMPANY, ALBANY, 

N.Y. 

[Incorporated May 3, 1866. Commenced business May 3, 1866.] 

Paid-up Capital, §110,000. 

Robert H. Pruyn, President. Secretary, Walter Brown. 

James Hendrick, Vice-President. 

Principal Office, Albany. 

Attorney to accept service, J. C. Clapp, Boston. 

Income. 

Total premium income, $313,742 52 

Cash received for interest on stocks, bonds and loans, . . 65,902 11 



Total income, $379,644 63 

Net or ledger assets, December 31, 1874, .... 1,164,823 02 



Total, 



$1,544,467 65 



Disbursements. 

Cash paid for losses and additions, $112,140 92 

for surrendered policies, • , • • • • 90,365 43 
Premium notes or loans used in purchase of surrendered 

policies and voided by lapse, 28,461 00 

Cash dividends paid policy-holders, applied in payment of 

premiums, 8,462 24 

Premium notes or loans used in payment of dividends, . 11,229 00 



Total paid policy-holders, . . . $250,658 59 
Cash paid for dividends to stockholders, 

for commissions to agents, .... 
for salaries and travelling expenses of agents, 
for medical examiners 1 fees, . 
for salaries of officers and office employes, . 

for taxes and fees, 

for rent, 

for premium on investments, 

for office, agency and incidental expenses, . 



Total disbursements, 
Balance, . 



$8,050 00 
23,294 40 
1,500 00 
2,092 13 
7,805 09 
2,990 17 
7,899 46 
6,639 53 
13,486 57 

. $324,415 94 

$1,220,051 71 



Invested in the following : — 

Assets as per Ledger Accounts. 

Cost value of real estate, 

Loans on mortgage of real estate (first liens) , 



$30,000 00 
387,400 00 



38 LIFE INSURANCE COMPANIES [Dec. 31, 

Loans on collateral security (schedule A), .... 312,000 00 

Premium notes or loans on policies in force, .... 240,490 65 

Cost value of stocks and bonds owned (schedule B), . . 382,662 88 

Cash deposited in bank, 139,746 83 

Agents' ledger balances, 27,745 35 

Ledger assets (as per balance), . . . . §1,220,051 71 

Other Assets. 

Interest due and accrued, 28,847 12 

Market value of stocks and bonds, over cost, . . . 32,267 76 
Uncollected premiums on policies in force, $14,870 60 
Deferred premiums on policies in force, 20,851 06 

Total, $35,721 66 

Deduct loading (20 per cent.), . . . 7,144 33 

Net am't of uncollected and deferred prem's, 28,577 33 

Furniture and fixtures, 5,000 00 

Commuted commissions, 25,000 00 

Total assets per company's books, .... $1,339,743 92 

Items not Admitted. 

Furniture and fixtures, $5,000 00 

Commuted commissions, . . . . 25,000 00 

Agents' balances, 27,745 35 

Total, 57,745 35 

Total admitted assets, $1,281,998 57 

Liabilities. 

Computed premium reserve or net present 
value of all outstanding policies (Actua- 
ries' 4 per cent.) , $1,202,694 00 

Death losses and matured endowments in 
process of adjustment, 8,572 00 

Liabilities as to policy-holders, .... $1,211,26600 
Surplus as regards policy-holders, 70,732 57 

Gross liabilities, $1,281,998 57 

Premium Note Account. 

Premium notes on hand Dec. 31, 1874, . . $243,977 18 

Premium notes or loans received during 1875, 36,209 47 

Total, $280,186 65 

Used in payment of surrendered policies and 

voided by lapse, . . $28,461 00 
of dividends to policy-hold- 
ers, 11,229 00 

Total, 39,690 00 

Balance note assets, December 31, 1875, .... $240,496 65 



1875.] 



OF OTHER STATES. 



39 



Exhibit of Policies. 
Policies and Additions in force December 31, 1874. 

Number. Amount. 

Whole-life policies 2,888 $5,651,627 00 

Endowment policies, 999 1,303,696 00 

All other policies, 123 213,713 00 

Reversionary additions, - 14,251 00 

Policies Issued, Revived and Increased in 1875. 

Whole-life policies, 484 712,291 00 

Endowment policies, 112 125,000 00 

All other policies, 147 213,390 00 



Total number and amount, 



4,753 $8,233,968 00 



Policies ceased to be in force during the year. 
Terminated by death, 64 



by expiry, . 

by surrender, 

by lapse, 

by change and decrease, 



Not taken, 



Total terminated, 



2 
128 
350 

82 



$132,168 00 

6,000 00 

347,756 00 

728,300 00 

950 00 

142,078 00 



626 $1,357,252 00 



Policies in force December 31, 1875. 

Whole-life policies, 2,907 

Endowment policies, 973 

All other policies, 247 

Reversionary additions, - 



$5,304,738 00 

1,166,654 00 

392,023 00 

13,301 00 



Totals, 4,127 $6,876,716 00 

Schedule A. 

Securities held as Collateral. 



First Nat'l Bank Stock, Albany, 

New Bedford, 



Market value. Amount loaned. 

$14,000 00 $10,000 00 
2,400 00 2,000 00 



$16,400 00 $12,000 00 



Schedule B. 

Stocks and Bonds owned by the Company. 

Cost value. Market value. 

United States bonds, $193,075 00 $212,700 00 

Canada Dominion stock (gold), . . . 80,292 60 90,730 64 

Schenectady city bonds, 10,015 75 11,000 00 



40 LIFE INSURANCE COMPANIES [Dec. 31, 

Buffalo city bonds, $54,533 28 $55,000 00 

Albany county bonds, 27,106 25 27,500 00 

Saratoga town bonds, 17,6-40 00 18,000 00 

$382,662 88 $414,930 G4 



CHARTER OAK LIFE INSURANCE COMPANY, HARTFORD, 

CONN. 

[Incorporated May, 1850. Commenced business October, 1850. J 

Paid-up Capital, #200,000. 

Edwin R. Wiggin, President. Secretary, Halsey Stevens. 

Samuel H. White, Vice-President, Actuary, Levi W. Meech. 

Principal Office, Hartford. 
Attorney to accept service, Geo. B. Hilliard, Boston. 

Income. 

Total premium income, $2,995,045 95 

Cash received for interest on stocks, bonds and loans, . 625,987 47 

for interest on other debts due the company, 71,316 45 

for rents of company's property, . . . 44,084 07 

Total income, $3,736,433 94 

Net or ledger assets, December 31, 1874, . $12,596,840 96 
Marked off during the year, .... 331,288 31 

Balance net assets, 12,265,552 65 

Total, $16,001,986 59 

Disbursements. 

Cash paid for losses and additions, $814,991 71 

for matured endowments and additions, . . 95,920 70 

Gross amount paid for losses and endowments, . . $910,912 41 

Cash paid for surrendered policies, 241,019 67 

Premium notes or loans used in purchase of surrendered 

policies and voided by lapse, 510,432 59 

Cash surrender values, including reconverted additions ap- 
plied in payment of premiums, 87,317 31 

Cash dividends paid policy-holders, applied in payment of 

premiums, 179,937 70 

Premium notes or loans used in payment of dividends, . 167,214 36 

Total paid policy-holders, . . . $2,096,834 04 

Cash paid for dividends to stockholders, .... $8,000 00 

for commissions to agents, 265,070 77 

for salaries and travelling expenses of agents, . 11,615 45 

for medical examiners' fees, .... 11,667 50 



1875.] 



OF OTHER STATES. 



41 



Cash paid for salaries of officers and office employes, . 

for taxes and fees, 

for office, agency and incidental expenses, . 

Total disbursements, 

Balance, 

Invested in the following : — 

Assets as per Ledger Accounts, 

Cost value of real estate, 

Loans on mortgage of real estate (first liens), 
Loans on collateral security (schedule A), . 
Premium notes or loans on policies in force, 
Cost value of stocks and bonds owned (schedule B), 
Cash in company's office, 
Cash deposited in bank, 

Bills receivable, 

Agents' ledger balances, 

Gross ledger assets (as per balance), 
Deduct depreciation from cost of assets, 

Total net or ledger assets, 



$62,417 50 

68,530 68 

120,302 02 

. $2,644,437 96 

$13,357,548 63 



11,510,025 04 

6,166,975 42 

1,312,315 31 

3,506,138 66 

404,312 50 

6,415 62 

27,844 85 

♦366,733 70 

56,787 53 

$13,357,548 63 

16,487 50 

$13,341,061 13 



Other Assets. 

Interest due and accrued, 470,292 00 

Rents due and accrued, 6,216 83 

Deferred premiums on policies in force, . $138,748 58 
Deduct loading (10 per cent), . . . 13,874 85 
Net am't of uncollected and deferred prem's, 124,873 73 



Total assets per company's books, 

Items not Admitted. 
Agents' balances, 

Total admitted assets, .... 



L3,942,443 69 



56,787 53 



$13,885,656 16 



Liabilities. 
Computed premium reserve or net present value of all 

outstanding policies (Actuaries' 4 per cent.), . . $13,235,732 00 
Death losses and matured endowments in 

process of adjustment, .... $156,496 00 



* Satisfactory evidence having been presented to the Commissioner that these "bills re- 
ceivable " were taken in conformity to a provision contained in the charter of the company, 
and that the greater part of the same are now secured by mortgage or by pledge of bonds and 
stocks, they are admitted as legitimate assets. 
6 



42 LIFE INSURANCE COMPANIES [Dec. 31, 

Claims resisted by the company, . . . ; 000 00 

Total policy claims, .... §199,496 00 



Liabilities as to policy-holders §13,435,228 00 

Surplus as regards policy-holders, .... 450,428 16 



Gross liabilities, §13,885,656 16 

Premium Note Account. 

Premium notes on hand Dec. 31,1874, . . $3,759,668 75 

Premium notes or loans received during 1875, 505,223 64 

Total, §4,264,892 39 

Used in payment of surrendered policies and 

voided by lapse, . . §510,432 59 
of dividends to policy-hold- 
ers, .... 167,214 36 
Redeemed by maker in cash, . . . 81,106 78 

Total, 758,753 73 



Balance note assets, December 31, 1875, . . . $3,506,138 66 

Exhibit of Policies. 
Policies and Additions in force December 31, 1874. 

Number. Amount. 

Whole-life policies, 18,850 §48,293J72 00 

Endowment policies, 5,962 10,529,459 00 

All other policies, 2,550 3,241,976 00 

New Policies Issued in 1875. 

Whole-life policies, 2,801 6,639,686 00 

Endowment policies, 616 759,290 00 

All other policies, 464 889,930 00 

Old Policies Revived during the year. 

Whole-life policies, 340 1,008,880 00 

Endowment policies, 103 190,765 00 

All other policies, 60 58,000 00 



Total number and amount, . . . .31,746 §71,611,758 00 
Policies ceased to be in force during the year. 



Terminated by death, . 


. 298 


§712,261 00 


by maturity, 


58 


96,160 00 


by surrender, 


. 1,557 


3,623,870 00 


by lapse, 


. 2,469 


6,063,585 00 


Not taken, 


. 883 


2,319,555 00 



Total terminated, 5,265 §12,815,431 00 



1875.] 



OF OTHER STATES. 



43 



Policies in force December 31, 1875. 

Whole-life policies, 18,642 

Endowment policies, 5,562 

All other policies, 2,277 



Totals, 



$46,509,810 00 

9,241,386 00 

3,045,131 00 

26,481 $58,796,327 00 



Schedule A. 

Securities held as Collateral. 

Market value. 

Conn. Western R. R. mortgage bonds, . 
Merchants' Loan and Trust Co. stock, N. J., . 
New River Water Power and Land Co. stock, 
" " " " bonds, 



Travelers 1 Ins. Co. stock, 

Hartford Gas Light Co. stock, 

Central Nat'l Bank stock, 

Nat'l Fire Ins. Co. stock, Hartford, 

First Nat'l Bank stock, . 

N. Y., N. H. & Hartford R. R. Co. stock 

Hartford Pump Co. stock, 

Weed S. M. Co. stock, . 

Willimantic Linen Co. stock, . 

First mortg. real estate bonds, 

Conn. Valley R. R. bonds, 
Bank stock, .... 
Webster county (Iowa) bonds, 
Mortgages, first and second, . 
Assignment of contract, . 
Atlas Fire Ins. Co. stock, 
First mortgage real estate bonds, 



$23,010 00 

10,000 00 

50,000 00 

10,500 00 

30,000 00 

1,120 00 

3,600 00 

440 00 

882 00 

4,230 00 

5,400 00 

3,000 00 

4,500 00 

42,000 00 

41,759 86 

3,850 00 

937,500 00 

15,250 00 

500 00 

182,555 45 

8,300 00 

2,500 00 

800 00 



Amount loaned. 

$21,700 00 

7,500 00 

22,000 00 

9,000 00 

24,000 00 

1,000 00 

2,000 00 

300 00 

500 00 

3,500 00 

4,300 00 

2,000 00 

4,500 00 

17,000 00 

41,759 86 

3,850 00 

937,500 00 

15,250 00 

500 00 

182,555 45 

8,300 00 

2,500 00 

800 00 



$1,381,697 31 $1,312,315 31 



Schedule B. 

Slocks and Bonds owned by the Company. 

Par value.* Market value. 

Washington county (Neb.) school bonds, . $15,000 00 $16,000 00 

O'Brien county (Iowa) judgment bonds, . 24,500 00 24,500 00 

Haddam (Conn.) town bonds, . . . 36,500 00 36,500 00 

Quincy (111.) city bonds, .... 10,000 00 10,000 00 

Old Saybrook (Conn.) town bond3, . . 25,200 00 25,200 00 

Sac county (Iowa) bonds, .... 10,100 00 10,100 00 

Jefferson (111.) county bonds, . . . 80,000 00 30,000 00 

Essex (Conn.) town bonds, .... "6,000 00 6,000 00 



* Cost value, $404,312.50. 



44 



LIFE INSURANCE COMPANIES [Dec. 31, 



Clinton (111.) county bonds, . 

St. Charles (Mo.) Bridge Co. bonds, 

Kansas city (Mo.) bonds, 

Cromwell (Conn.) town bonds, 

Leavenworth (Kan.) city bonds, 

Chester (Conn.) town bonds, . 

Conn. Western R. R. mortg. bonds, 

Conn. Valley R. R. mortg. bonds, 

Palo Alto (Iowa) county bonds, 

Des Moines City Gas Co. bonds, 

Merchants 1 Bank stock, St. Louis, 

Hartford Trust Co. stock, 

Conn. River Bank Co. stock, . 

Charter Oak Nat'l Bank stock, 

Hartford Nat'l Bank stock, 

City Nat'l Bank stock, 

Conn. Trust and Safe Deposit Co. stock, 

JEtna Nat'l Bank stock, . 

Phoenix Nat'l Bank stock. 

American Nat'l Bank stock, . 

U. S. Trust Co. stock, 

Farmers and Mechanics' Nat'l Bank stock, 

Security Co. stock, .... 

Hartford City Gas Light Co. stock, 

N. Y., N. H. & Hartford R. R. stock, 



$7,000 00 

20,000 00 

10,000 00 
5,500 00 
1,000 00 
2,000 00 
1,000 00 
1,000 00 
2,000 00 

50,000 00 
1,750 00 

12,500 00 
5,000 00 
2,500 00 
2,500 00 
2,500 00 
4,500 00 
2,500 00 
2,500 00 

37,500 00 
5,000 00 
2,500 00 

10,000 00 
2,675 00 
5,000 00 



$7,000 00 

20,000 00 

10,000 00 
5,500 00 
1,000 00 
2,000 00 
780 00 
930 00 
2,000 00 

50,000 00 
1,750 00 

14,000 00 
C,500 00 
3,375 00 
4,100 00 
2,725 00 
4,500 00 
3,325 00 
4,100 00 

56,250 00 
5,000 00 
3,375 00 

10,000 00 
4,815 00 
7,500 00 



$355,725 00 $388,825 00 



CONNECTICUT GENERAL LIFE INSURANCE COMPANY, HART- 
FORD, CONN. 

[Incorporated June, 1865. Commenced business October, 1865.] 

Paid-up Capital, $250,000. 

Edward W. Parsons, President. Secretary, Thomas W. Russell. 

Principal Office, 7 Central Row, Hartford. 

Attorney to accept service, Edwin Rat, Boston. 



Income. 

Total premium income, $247,343 16 

Cash received for interest on stocks, bonds and loans, . . 63,427 58 

from all other sources, 2,363 18 

Total income, $313,133 92 

Net or ledger assets, December 31, 1874 1,092,116 41 

Total, . $1,405,250 33 



1875.] 



OF OTHER STATES. 



45 



Disbursements. 

Cash paid for losses and additions, $68,090 48 

for surrendered policies, 28,338 07 

Premium notes or loans used in purchase of surrendered 

policies and voided by lapse, 8,589 20 

Cash dividends paid policy-holders, . . . . . 8,817 64 

Premium notes or loans used in payment of dividends, . 11,446 05 



Total paid policy-holders, 



$125,281 44 



Cash paid for dividends to stockholders, 

for commissions to agents, .... 
for salaries and travelling expenses of agents, 
for medical examiners' fees, .... 
for salaries of officers and office employes, . 

for taxes and fees, 

for rent, 

for office, agency and incidental expenses, . 

Total disbursements, 



Balance, 



$10,000 00 

17,669 29 

10,245 18 

1,641 38 

15,341 67 

5,552 55 

2,058 55 

15,572 38 

. $203,362 44 

$1,201,887 89 



Invested in the following : — 

Assets as per Ledger Accounts 

Cost value of real estate, 

Loans on mortgage of real estate (first liens), 
Loans on collateral security (schedule A), 
Premium notes or loans on policies in force, . 
Cost value of stocks and bonds owned (schedule B), 

Cash in company's office, 

Cash deposited in bank, 

Bills receivable, 

Agents' ledger balances, 



Ledger assets (as per balance) , 



,416 14 

507,851 18 

42,965 95 

145,103 69 

265,249 91 

159 27 

46,871 67 

6,234 57 

7,035 51 

$1,201,887 89 



Other Assets. 

Interest and rents due and accrued, 
Market value of stocks and bonds, over cost, 
Uncollected premiums on policies in force, . 
Deferred premiums on policies in force, 

Total, 

Deduct loading (12^ per cent.), 

Net am't of uncollected and deferred prem's, 

Total assets per company's books, . 



$15,279 87 
23,086 63 

$38,366 50 
4,795 81 



22,259 03 
17,427 09 



33,570 69 
$1,275,144 70 



46 LIFE INSURANCE COMPANIES [Dec. 31, 

Items not Admitted. 

Agents 1 balances, $7,035 51 

Bills receivable, 6,234 57 

Total, $13,270 08 

Total admitted assets, . . . . . . $1,261,874 62 

Liabilities. 

Computed premium reserve or net present 
value of all outstanding policies (Actua- 
ries 1 4 per cent.), $954,236 00 

Deduct net value of reinsured risks, . . 4,560 00 

Net premium reserve, .... $949,676 00 

Death losses and matured endowments in 

process of adjustment, .... $15,500 00 

Claims resisted by the company, . . . 15,000 00 

30,500 00 

All other liabilities : premiums paid in advance, . . . 5,470 28 

Liabilities as to policy-holders, $985,646 28 

Surplus as regards policy-holders, 276,228 34 

Gross liabilities, . $1,261,874 62 



Premium Note Account. 

Premium notes on hand Dec. 31, 1874, . . $145,848 96 

Premium notes or loans received during 1875, 26,399 80 

Total, $172,248 76 

Used in payment of surrendered policies and 

voided by lapse, . . 38,589 20 
of dividends to policy-hold- 
ers, 11,446 05 

Redeemed by maker in cash, .... 7,109 82 

Total, . 27,145 07 

Balance note assets, December 31, 1875, .... $145,103 69 



Exhibit of Policies. 
Policies and Additions in force December 31, 1874. 

Number. Amount. 

Whole-life policies, 2,697 $5,822,942 00 

Endowment policies, 627 823,376 00 

All other policies, 76 238,234 00 

New Policies Issued in 1875. 

Whole-life policies, 685 1,225,945 00 

Endowment policies, 44 44,206 00 

All other policies, 5 9,500 00 



1875.] 



OF OTHER STATES. 



47 



Old Policies Revived during the year. 



Whole-life policies, . 
Endowment policies, 



13 
1 



Old Policies increased during the year. 

Whole-life policies, 

Endowment policies, 



$31,000 00 
1,000 00 



1,000 00 
800 00 



Total number and amount, 



. 4,148 $8,198,003 00 



Policies ceased to be in force during the year. 
Terminated by death, 31 



by expiry, . 

by surrender, 

by lapse, 

by change and decrease, 



Not taken, 

Total terminated, 



$75,751 00 

5,000 00 

205,032 00 

883,807 00 

64,239 00 

274,700 00 

726 $1,508,529 00 



1 

108 
425 

161 



Policies in force December 31, 1875. 



Whole-life policies, . 
Endowment policies, 
All other policies, . 



. 2,764 

. 589 

69 



Totals, 3,422 



$5,754,991 00 
736,749 00 
197,734 00 

$6,689,474 00 



Schedule A. 

Securities held as Collateral. 

Market value 

12 shares Adams Express Co., 



55 " National Fire Ins. Co., . 

10 " Travelers' Ins. Co., 

20 " N. Y., N. H. and Hartford R. R., 
200 " Weed Sewing Machine Co., 

51 " Pratt Whitney Manuf. Co., 

75 " United States Express Co., 

9 " iEtna Fire Ins. Co., 
Hartford, Prov. and Fishkill R. R. bond 

10 shares Travelers 1 Ins. Co., 
Mendlecott Co. bonds, 

70 shares Washburn Steel Co., 

25 " Conn. Fire las. Co., 

15 " Park Nat'l Bank, N. Y., 

15 " Bank of Republic, . 

20 " First Nat'l Bank, Portland, Conn. 

60 " N. Y., N. H. and Hartford R. R., 
5 " Travelers' Ins. Co., 



} 



$1,200 00 
7,150 00 
1,600 00 
2,800 00 
4,000 00 
5,100 00 
3,750 00^ 
1,620 00 I 
1,000 00 J 
1,600 00 

11,000 00 
4,200 00 ^ 
3,125 00 / 
1,950 00^ 
1,455 00/ 
2,400 00 ^ 
8,400 00 I 
800 00 J 



Amount loaned. 

$500 00 
6,000 00 

1,200 00 
2,000 00 
3,500 00 

3,250 00 

1,000 00 
9,500 00 

3,500 00 
2,500 00 



10,015 95 



863,150 00 $12,965 95 



48 



LIFE INSURANCE COMPANIES [Dec. 31, 



Schedule B. 

Stocks and Bonds owned by the 



United States 5-20 reg'd bonds, 

Connecticut state bonds, 

Cook county bonds, 

Chicago city bonds, 

Toledo city bonds, . 

Quincy city bonds, . 

Cin. and Indianapolis R. R. bonds, 

Lake Shore and Mich. So. R. R. bonds, . 

Hartford, Prov. and Fishkill R. R. bonds, 

125 shares N. Y., N. H. and Hartford R. R., 

33 

40 

50 

38 
216 

85 

52 

70 

44 

25 

86 

100 

9 



Shoe and Leather Bank, N. Y., 
Merchants' Exch. Bank, N. Y., 
Fourth Nat 1 ! Bank, N. Y., . 
Continental Bank, N. Y., 
American Nat'l Bank, Hartford, 
Phoenix Natl Bank, Hartford, 
Charter Oak Nat'l Bank, Hartford 
Hartford Nat'l Bank, Hartford, 
First Nat'l Bank, Hartford, . 
Farm, and Mechanics' B'k, H'tf 'd, 
Conn. Trust and Safety Dep. Co., 
Thames Nat'l Bank, Norwich, 
-Etna Nat'l Bank, Hartford, . 



Company. 

Cost value. 

,800 00 

30,246 50 

4,750 00 

1,950 00 

9,500 00 

8,250 00 

9,610 00 

5,089 38 

4,910 00 

16,793 03 

3,780 00 

2,750 00 

5,193 00 

5,184 00 

13,538 00 

12,870 00 

6,700 00 

10,625 00 

6,142 00 

3,325 00 

. 8,428 00 

13,700 00 

1,116 00 



Market value. 

,400 00 

30,000 00 
5,000 00 
2,000 00 

10,000 00 
9,350 00 
9,450 00 
5,225 00 
5,000 00 

17,500 00 
4,950 00 
2,000 00 
5,000 00 
3,344 00 

15,336 00 

13,600 00 
6,760 00 

11,200 00 
6,160 00 
3,250 00 
8,600 00 

13,400 00 
1,152 00 



$265,249 91 $282,677 00 



CONNECTICUT MUTUAL LIFE INSURANCE COMPANY, 
HARTFORD, CONN. 

[Incorporated June 15, 1846. Commenced business December 15, 1846.] 

James Goodwin, President, Secretary, Jacob L. Greene. 

Zephaniah Preston and E. B. Watkinson, Vice-Presidents. 

Principal Office, Hartford. 

Attorney to accept service, Edwd* Ray, Boston. 



Income. 

Total premium income, $7,165,468 55 

Cash received for interest on stocks, bonds and loans, . 2,583,191 88 

for interest on other debts due the company, 29,281 83 

for rents of company's property, . . . 40,458 10 

Total income $9,818,400 36 

Net or ledger assets, December 31, 1874, .... 38,838,267 85 

Total, $48,656,668 21 



1875.] 



OF OTHER STATES. 



49 



Disbursements. 

Cash paid for losses and additions, 
Premium notes or loans used in payment of same, 
Cash paid for matured endowments and additions, 
Premium notes or loans used in payment of same, 



$2,509,255 34 

68,851 11 

134,491 03 

9,754 79 



Gross amount paid for losses and endowments, . . $2,722,352 27 

Cash paid for surrendered policies, 204,884 89 

Premium notes or loans used in purchase of surrendered 

policies and voided by lapse, 355,896 20 

Cash surrender values, including reconverted additions 

applied in payment of premiums, 380,224 33 

Cash dividends paid policy-holders, applied in payment 

of premiums, 2,473,703 54 

Premium notes or loans used in payment of dividends, . 69,852 54 

Total paid policy-holders, . . . $6,206,913 77 
Cash paid for commissions to agents, .... 



for salaries and travelling expenses of agents, 
for medical examiners' fees, .... 
for salaries of officers and office employes, . 

for taxes and fees, 

for office, agency and incidental expenses, . 



Total disbursements, 
Balance, . 



Invested in the following : — 

Assets as per Ledger Accounts. 

Cost value of real estate, 

Loans on mortgage of real estate (first liens) , 
Loans on collateral security (schedule A) , . 
Premium notes or loans on policies in force, 
Cost value of stocks and bonds owned (schedule B) , 
Cash in company's office, 
Cash deposited in bank, 

Bills receivable, 

Agents 1 ledger balances, » 



$528,740 55 

4,610 54 

19,760 00 

74,765 11 

246,306 83 

113,505 88 

$7,194,602 68 

$41,462,065 53 



Ledger assets (as per balance) , 

Other Assets 
Interest due and accrued, 
Rents due and accrued, .... 
Market value of stocks and bonds, over cost 
Uncollected premiums on policies in force, 
Deferred premiums on policies in force, 



$1,853,590 13 

26,936,282 40 

241,353 28 

6,730,567 50 

4,538,636 80 

6,684 78 

1,070,893 79 

4,876 40 

79,180 45 

$41,462,065 53 



$1,617,060 07 

2,510 91 

372,698 2Q 



$9,075 42 
51,398 89 



Total, 



$60,474 31 



50 LIFE INSURANCE COMPANIES [Dec. 31, 

Deduct loading (33£ per cent), . . . $20,158 10 

Net am't of uncollected and deferred prem's, $10,316 21 

Total assets per company's books, . . . $43,494,650 92 

Items not Admitted. 
Agents' balances, . . . . . $79,180 45 

Bills receivable, 4,876 40 

Total, 84,056 85 

Total admitted assets, $43,410,594 07 

Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (Actuaries' 4 per cent.), . . $38,487,794 00 

Death losses and matured endowments in 

process of adjustment, .... $616,327 00 

Claims resisted by the company, . . . 181,815 00 

Total policy claims, .... 798,142 00 

Unpaid dividends of surplus due policy-holders, . . . 197,612 00 

Liabilities as to policy-holders, . . .. . $39,483,548 00 
Surplus as regards policy-holders, .... 3,927,046 07 

Gross liabilities, $43,410,594 07 

Premium Note Account. 

Premium notes on hand Dec. 31, 1874, . . $7,189,793 86 

Premium notes or loans received during 1875, 50,824 46 

Total, $7,240,618 32 

Used in payment of losses and claims, . . $78,605 90 
of surrendered policies and 

voided by lapse, . . 355,896 20 
of dividends to policy-hold- 
ers, 69,852 54 

Redeemed by maker in cash, . . . 5,696 18 

Total, 510,050 82 

Balance note assets, December 31, 1875, . . . $6,730,567 50 

Exhibit of Policies. 
Policies and Additions in force December 31, 1874. 

Number. Amount. 

Whole-life policies, 55,537 8162,581,986 00 

Endowment policies, 8,759 20,604,094 00 

All other policies, 1,023 2,199,553 00 



1875.] 



OF OTHER STATES. 



51 



New Policies Issued in 1875. 



Whole-life policies, . 
Endowment policies, 
All other policies, . 



Old Policies Revived during the year. 



Whole-life policies, ...... 

Endowment policies, 

All other policies, 

Total number and amount, .... 71,286 $201,163,087 00 

Policies ceased to be in force during the year. 



4,611 


$12,371,914 00 


631 


1,073,884 00 


20 


6,613 00 


year. 
545 


1,936,235 00 


145 


352,708 00 


15 


36,100 00 



Terminated by death, .... 


. 903 


$2,710,871 00 


by maturity, .... 


49 


149,245 00 


by surrender, 


. 1,878 


5,584,691 00 


by lapse, .... 


. 1,797 


6,142,599 00 


by change and decrease, 


- 


349,714 00 


Not taken, 


. 450 


1,149,125 00 


Total terminated, .... 


. 5,077 


$16,086,245 00 



Policies in force December 31, 1875. 

Whole-life policies, 56,574 $163,340,210 00 

Endowment policies, 8,674 19,756,817 00 

All other policies 961 1,979,815 00 



Totals, 66,209 $185,076,842 00 

Schedule A. 

Securities held as Collateral. 

Market value. Amount loaned. 

$20,000 00 >> 



Mortgage bond on property in Hartford, 

United States bonds, 6s, . 

United States 5-20 bonds, 

Quincy city bonds, . 

Ithaca and Athens R. R. bonds, 

United States 5-20 bonds, 
26 shares First Nat'l Bank, Hartford, . 

200 " " " " " 

' Lake Sh. and Mich. So. R. R., 
4 « " " " " scrip 

' Hartford and New Haven R. R., 
' iEtna Fire Ins. Co., 



75 
31 

48 
100 
40 
5 
20 
28 
13 
10 



' Natl Trust Co., N. Y., . 
' Chicago and Northwestern R. R., 
' Pennsylvania Central R. R., . 
' Michigan Central R. R., 
■ First Nat'l Bank, Hartford, . 
Meriden town bond, .... 
16 shares Chicago and Alton R. R , 



2,444 00 
2,390 00 J 
8,000 00 \ 
5,723 00 



!,500 00 



597 00 
3,653 00 

28,100 00 
4,500 00 
1,860 00 
6,960 00 

21,000 00 
8,400 00 

500 00 >> 
1,200 00 
1,600 00 
1,001 00 
1,450 00 
1,000 00 
1,552 00 ; 



J> 12,000 00 



J 

20,000 00 

J 10,000 00 

10,000 00 

4,000 00 

5,000 00 



52 



LIFE INSUKANCE COMPANIES [Dec. 31, 



129 shares Nat/1 Exchange Bank, Hartford, 
Mobile (Alabama) city bond, 8s, gold, . 
Mobile and N. W. R. R. bonds, 8s, gold, 
Rockville R. R. bonds, . 
United States bonds, 6s, . 
St. Louis (Mo.) city bonds, 
Ohio Canal stock, . 

50 shares Little Miami R. R., 
Pettis county (Mo.) bonds, 
Kansas Pacific R. R. bonds, . 

50 shares Third Nat'l Bank, Cincinnati, 

50 " First Nat'l Bank, Cincinnati, 

14 " Conn. River R. R., . 

40 " Hartford and New Haven R. R., 

250 " Mercantile Nat'l Bank, Toledo, O. 
Mortgage bond, property in Chicago, 
" " " in Louisville, 

4 shares Hartford Nat'l Bank, 
Mortgage bond, Le Grand Martin, 
" Daniel F. Cadmus, 
United States 5-20 bond, . 



} 



$5,300 00 
100,000 00 

12,000 00 

9,803 28 

2,250 00 
2,500 00 

10,000 00 

1,000 00 

1,500 00 

20,000 00 

1,000 00 

3,000 00 

2,500 00 

1,000 00 

$383,444 00 §241,353 28 



$8,285 00 
100,000 00 

50,000 00 

14,000 00 
610 00 "| 
2,000 00 ! 
5,500 00 [ 
2,000 00 j 
4,000 00 
3,000 00 
8,750 00 
7,500 00 
1,876 00 
5,800 00 
2,030 00 

27,500 00 
2,500 00 

10,000 00 

648 00 

2,400 00 

2,000 00. 

1,119 00 



Schedule B. 

Stocks and Bonds owned by the Company. 

Cost value. 

$1,630,836 80 



United States bonds, 

Connecticut state bonds, . 

Tennessee state bonds, . 

Toledo city (Ohio) bonds, 

Terre Haute city (Ind.) bonds, 

Fort Wayne city (Ind.) bonds, 

Jackson city (Mich.) bonds, . 

Evansville city (Ind.) bonds, . 

Evansville city (Ind.) water bonds, 

Louisville city (Ky.) sewer bonds, . 

Louisville city (Ky.) change of gauge bonds 

Quincy city (111.) bonds, 

Quincy city (111.) debt funding bonds, 

Milwaukee city (Wis.) bonds, 

Milwaukee city (Wis.) water bonds, 

Kansas city (Mo.) bonds, 

St. Louis Chamber of Commerce, . 

130 shares First Nat'l Bank, Hartford, 

100 " City Nat'l Bank, Hartford, 
25 " iEtna Nat'l Bank, Hartford, 
15 " Phoenix Nat'l Bank, Hartford, 



600,000 00 

19,900 00 

19,000 00 

25,085 00 

75,000 00 

99,000 00 

37,510 00 

255,000 00 

182,500 00 

92,500 00 

187,500 00 

13,600 00 

150,000 00 

475,000 00 

135,000 00 

435,000 00 

13,000 00 

10,725 00 

2,500 00 

1,650 00 



Market value. 

$1,931,000 00 

660,000 00 

10,400 00 

19,000 00 

25,085 00 

75,000 00 

99,000 00 

42,500 00 

255,000 00 

182,500 00 

92,500 00 

187,500 00 

13,600 00 

150,000 00 

475,000 00 

135,000 00 

435,000 00 

18,265 00 

11,050 00 

3,325 00 

2,460 00 



1875.] OF OTHER STATES. 53 

10 shares Charter Oak Nat'l Bank, Hart'd, . $1,055 00 $1,350 00 



10 

200 

300 

210 

50 



State Nat'l Bank, Hartford, . . 1,275 00 1,250 00 

Fourth Nat'l Bank, N. Y., . . 20,000 00 18,400 00 

Conn. Trust and Safe Deposit Co., 30,000 00 30,000 00 

Hartford and New Haven R. R., . 21,000 00 30,450 00 

Connecticut River R. R., . . 5,000 00 6,700 00 



$4,538,636 80 $4,911,335 00 



CONTINENTAL LIFE INSURANCE COMPANY, HARTFORD, 

CONN. 

[Incorporated July, 1862. Commenced business July, 1864.] 

Paid-up Capital, $300,000. 

James S. Parsons, President. Secretary, Robert E. Beecher. 

Horace R. Morlet, Actuary. 

Principal Office, Hartford. 

Attorney to accept service, W. S. Chamberlain, Boston. 

Income. 

Total premium income, $732,347 07 

Cash received for interest on stocks, bonds and loans, . . 153,826 01 

as discount on claims paid in advance, . . 603 42 

for rents of company's property, . . . 7,415 00 

for profits on bonds, stocks or gold sold, . 19,200 39 



Total income, $913,391 89 

Net or ledger assets, December 31, 1874, .... 2,737,472 84 



Total, $3,650,864 73 

Disbursements. 

Cash paid for losses and additions, $128,700 03 

Premium notes or loans used in payment of same, . . 9,993 75 

Cash paid for matured endowments and additions, . . 13,900 00 

Gross amount paid for losses and endowments, . . $152,593 78 

Cash paid for surrendered policies, 24,881 78 

Premium notes or loans used in purchase of surrendered 

policies and voided by lapse, ...... 106,561 29 

Cash surrender values, including reconverted additions ap- 
plied in payment of premiums, 4,532 56 

Cash dividends paid policy-holders, $88,468.42 ; applied in 

payment of premiums, $14,288 93, 102,757 35 

Premium notes or loans used in payment of dividends, . 26,179 28 

Total paid policy-holders, . . . $417,506 04 



54 



LIFE INSURANCE COMPANIES [Dec. 31, 



Cash paid for dividends to stockholders, 

for commissions to agents, .... 
for salaries and travelling expenses of agents, 
for medical examiners 1 fees, .... 
for salaries of officers and office employes, . 

for taxes and fees, 

for rent, 

for furniture and office fixtures, 

for advertising, 

for office, agency and incidental expenses, . 

Total disbursements, 



$24,000 00 
31,100 01 
15,420 28 

3,430 50 
21,140 38 
17,047 53 

3,175 00 
10,614 19 

1,656 85 
10,293 87 



»,390 68 



Balance, 



83,095,474 05 



Invested in the following : — 

Assets as per Ledger Accounts 

Cost value of real estate, 

Loans on mortgage of real estate (first liens), 

Loans on collateral security (schedule A), 

Loans on company's policies assigned as collateral, 

Premium notes or loans on policies in force, . 

Cost value of stocks and bonds owned (schedule B), 

Cash in company's office, 

Cash deposited in bank, . 

Office furniture and safes, 

Ledger assets (as per balance), 



$207,166 16 

757,003 04 

37,353 92 

535 00 

1,180,295 65 

529,752 33 

80,297 11 

293,160 67 

9,910 17 

$3,095,474 05 



Other Assets. 

Interest due and accrued, 101,737 79 

Market value of stocks and bonds, over cost, . . . 22,483 67 
Uncollected premiums on policies in force, . $189,867 22 

Deferred premiums on policies in force, . 55,339 61 



Total, $245,206 83 

Deduct loading (10 per cent.), . . . 24,520 68 

Net ain't of uncollected and deferred prem's, 220,686 15 

Total assets per company's books, .... $3,440,381 6Q 



Items not Admitted. 



Furniture and fixtures, . 
Total admitted assets, 



9,910 17 



83,430,471 49 



Liabilities. 

Computed premium reserve or net present 
value of all outstanding policies (Actua- 
ries' 4 per cent.), 



$3,177,690 00 



1875.] 



OF OTHER STATES. 



55 



Deduct net value of reinsured risks, 

Net premium reserve, 
Death losses and matured endowments in 

process of adjustment, 
Claims resisted by the company, . 

Total policy claims, 

Liabilities as to policy-holders, 
Surplus as regards policy-holders, . 

Gross liabilities, .... 



1,178 00 



$29,841 33 
7,592 35 



43,172,512 00 



- 37,433 68 

33,209,945 68 
. 220,525 81 

$3,430,471 49 



Premium Note Account. 

Premium notes on hand Dec. 31, 1874, . . $1,189,904 97 

Premium notes or loans received during 1875, 136,318 18 

Total, $1,326,223 15 

Used in payment of losses and claims,, . . $9,993 75 
of surrendered policies and 

voided by lapse, . . 106,561 29 
of dividends to policy-hold- 
ers, 26,179 28 

Redeemed by maker in cash, .... 3,193 18 

Total, 145,927 50 

Balance note assets, December 31, 1875, . . . $1,180,295 65 

Exhibit of Policies. 
Policies and Additions in force December 31, 1874. 

Number. Amount. 

Whole-life policies, 7,155 $12,255,938 00 

Endowment policies, 3,575 3,742,721 00 

All other policies, 90 



New Policies Issued in 1875. 



Whole-life policies, 
Endowment policies, 
All other policies, . 



895 
170 
114 



Old Policies Revived during the year. 



Whole-life policies, 
Endowment policies, 

Total number and amount, 



333,500 00 

1,780,028 00 
273,085 00 
234,000 00 

208,176 00 
129,700 00 

. 12,587 $18,957,148 00 



360 

228 



Policies ceased to be in force during the year. 
Terminated by death, 114 



by expiry, . 

by surrender, 

by lapse, 

change and decrease, . 



Not taken, 

Total terminated, 



5 

236 

874 

285 



$154,998 00 

14,500 00 

295,205 00 

1,873,600 00 
909,790 00 
533,907 00 



. 1,514 $3,782,000 00 



56 



LIFE INSURANCE COMPANIES [Dec. 31, 



Policies in force December 31, 1875. 

Whole-life policies, 7,252 

Endowment policies, 3,652 

All other policies, 169 



Totals, 



$11,137,687 00 

3,568,261 00 

469,200 00 

.11,073 $15,175,148 00 



Schedule 

Securities held as 

30 shares Orient Fire Ins. Co., 

50 " Phoenix Fire Ins. Co., . 
100 " Steam Boiler Ins. Co., . 
156 " Adams Nickel Plating Co., 

25 " Phoenix Nat'l Bank, 
4 " iEtna Ins. Co., 
120 " Adams Nickel Plating Co., 
100 " First Nat'l Bank, Kansas City, 
Coupon mortgage bond, 10s, . 
280 shares Adams Nickel Plating Co., 
Mortgage note assigned, 

10 shares Nat'l Bank of Commerce, 
Mortgage notes assigned, 
Indianapolis and Cinn. R. R. bonds, 

36 shares Union Manuf. Co., 

25 " Security Co., . 

10 " Orient Fire Ins. Co., 



A. 

Collateral. 

Market value. 

$3,750 00 

10,000 00 

4,000 00 

3,900 00 

500 00 

800 00 

3,000 00 

10,000 00 
2,000 00 
7,000 00 
4,666 00 
1,000 00 

10,600 00 
950 00 

'3,600 00 
2,500 00 
1,250 00 



} 



Amount loaned. 

$1,500 00 
634 00 
3,050 00 

3,300 00 

400 00 
1,500 00 
5,000 00 
1,500 00 
2,500 00 
3,500 00 
1,000 00 
8,000 00 

219 92 
2,500 00 
2,000 00 

750 00 



$69,516 00 $37,353 92 



Schedule B. 

Stocks and Bonds owned by the 



United States 5-20 reg'd bonds, 
Hartford city bonds, 
Middletown water bonds, 
Macoupin county bonds, . 
Leavenworth county bonds, . 
Indianapolis city bonds, . 
Quincy city bonds, . 
Jefferson county bonds, . 
Terre Haute city bonds, . 
Fort Wayne city bonds, . 
Indianapolis and Cinn. R. R. bonds, 
Middletown, Unionville and W. G. R.R. bonds 
Utica Cement Co. mort. bonds, 
38 shares N. Y., N. H. and Hartford R. R., 
100 " Charter Oak Natl Bank, 
400 " American Nat'l Bank, . 
100 " Hartford Nat'l Bank, . 



Company. 

Cost value. 

$246,015 00 

11,410 00 

6,772 50 

10,000 00 

8,000 00 

7,950 00 

7,400 00 

8,500 00 

8,750 00 

7,575 00 

8,725 00 

7,000 00 

20,000 00 

5,920 21 

12,658 50 

24,980 50 

14,698 62 



Market value. 

8250,905 00 

11,845 00 

7,252 00 

5,000 00 

8,500 00 

9,500 00 

9,000 00 

9,000 00 

9,250 00 

9,000 00 

9,000 00 

11,200 00 

20,000 00 

5,700 00 

14,000 00 

30,000 00 

16,100 00 



1875.] OF OTHER STATES. 57 

128 shares Phoenix Nat'l Bank, . . . $19,333 25 $20,736 00 

405 " Farm, and Mechanics' Natl Bank, 53,365 00 54,575 00 

200 " Exchange Nat'l Bank, . . . 12,134 75 12,500 00 

64 " First Nat'l Bank, .... 9,366 00 9,152 00 

75 " Connecticut Trust Co., . . . 7,750 00 7,425 00 

94 " iEtna Nat'l Bank, .... 11,448 00 12,596 00 



$529,752 33 $552,236 00 



CONTINENTAL LIFE INSURANCE COMPANY, NEW YORK. 

[Incorporated March 13, 1866. Commenced business May 10, 1866.] 

Paid-up Capital, $100,000. 

L. W. Frost, President. Secretary, J. P. Rogers. 

M. B. Wtnkoop, Vice-President. Actuary, S. C. Chandler, Jr. 

Principal Office, New York. 
Attorney to accept service, Frank Barnard, Boston. 

Income. 

Total premium income, $2,142,115 65 

Cash received for interest on stocks, bonds and loans, . . 253,655 98 

for interest on other debts due the company, . 30,791 13 

for rents of company's property, . . . 25,904 14 

Total income, $2,452,466 90 

Net or ledger assets, December 31, 1874, .... 5,416,213 58 

Total, $7,868,680 48 

Disbursements. 

Cash paid for losses and additions, $496,106 20 

Premium notes or loans used in payment of same, . . 22,887 43 

Gross amount paid for losses and endowments, . . $518,993 63 

Cash paid to annuitants, 5,296 50 

for surrendered policies, 586,595 49 

Premium notes or loans used in purchase of surrendered 

policies and voided by lapse, 415,249 72 

Cash surrender values, including reconverted additions ap- 
plied in payment of premiums, 243,422 00 

Cash dividends paid policy-holders, applied in payment of 

premiums, 72,632 97 

Premium notes or loans used in payment of dividends, . 122,827 24 

Total paid policy-holders, . . . $1,965,017 55 
8 



58 



LIFE INSURANCE COMPANIES [Dec. 31, 



Cash paid dividends to stockholders, .... 
for commissions to agents, .... 
for salaries and travelling expenses of agents, 
for medical examiners' fees, .... 
for salaries of officers and office employes, . 

for taxes and fees, 

for rent, 

for commuting commissions, .... 
for furniture and office fixtures, 

for advertising, 

for office, agency and incidental expenses, . 

Total disbursements, 



Balance, 



$7,000 00 

160,838 70 

83,685 00 

22,089 99 

85,419 29 

19,633 04 

20,580 00 

123,257 49 

5,142 24 

13,135 04 

112,733 86 

82,624,532 20 

$5,244,148 28 



Invested in the following : — 

Assets as per Ledger Accounts 

Cost value of real estate, 

Loans on mortgage of real estate (first liens), . 
Loans on collateral security (schedule A), . 
Premium notes or loans on policies in force, 
Cost value of stocks and bonds owned (schedule B), 

Cash in company' office, 

Cash deposited in bank, 

Ledger assets (as per balance), 



$688,482 24 
1,301,377 50 

309,685 00 
1,937,700 05 

554,424 12 
1,501 96 

450,977 41 

$5,244,148 28 



Other Assets. 

Interest due and accrued, 
Rents due and accrued, .... 
Market value of real estate, over cost, . 
Market value of stocks and bonds, over cost 
Reinsurance due from other companies, 
Uncollected premiums on policies in force, 
Deferred premiums on policies in force, 

Total, 

Deduct loading (20 per cent.), 

Net ain't of uncollected and deferred preni's, 



$286,349 76 
583,927 50 

$870,277 26 
174,055 45 



103,009 70 
5,350 00 

133,912 91 

41,842 13 

5,000 00 



696,221 81 

Furniture and fixtures, $26,609.95 ; cash in hands of agents, 

$38,276.48, 64,886 43 

Commuted commissions, $123,257.49 ; agency supplies, 

stationery, etc., $5,800, ....... 129,057 49 



Total assets per company's books, 



. $6,423,428 75 



1875.] OF OTHER STATES. 59 

Items not Admitted. 

Furniture and fixtures, 820,609 95 

Commuted commissions, .... 123,257 49 

Agents' balances, 38,276 48 

Agency supplies, stationery, etc., . . . 5,800 00 

Total, 8193,943 92 



Total admitted assets, $6,229,484 83 

Liabilities. 
Computed premium reserve or net present 
value of all outstanding policies (Actu- 
aries 1 4 per cent.), $5,681,946 00 

Deduct net value of reinsured risks, . . 7,072 00 

Net premium reserve, .... $5,674,874 00 

Death losses due and unpaid, . . . $7,500 00 

Death losses and matured endowments in 

process of adjustment, 
Claims resisted by the company, . 

Total policy claims, 
All other liabilities, .... 



Liabilities as to policy-holders, 
Surplus as regards policy-holders, . 



131,150 00 
18,625 00 

157,275 00 

23,000 00 



. $5,855,149 00 
374,335 83 



Gross liabilities, $6,229,484 83 

Premium Note Account. 

Premium notes on hand Dec. 31, 1874, . . $2,140,142 72 

Premium notes or loans received during 1875, 358,521 72 

Total, $2,498,664 44 

Used in payment of losses and claims, . . 822,887 43 
of surrendered policies and 

voided by lapse, . . 415,249 72 
of dividends to policy-hold- 
ers, 122,827 24 

Total, 560,904 39 



Balance note assets, December 31, 1875, . . . $1,937,700 05 

Exhibit of Policies. 
Policies and Additions in force December 31, IS 74. 

Number. Amount. 

Whole-life policies, 14,525 $31,792,365 00 

Endowment policies, 6,216 10,267,376 00 

All other policies, 5,033 11,538,413 00 

Reversionary additions, - 52,384 00 



60 LIFE INSURANCE COMPANIES [Dec. 31, 

New Policies Issued in 187 o. 

Whole-life policies, ' . . 1,119 $2,165,536 00 

Endowment policies, 257 330,303 00 

All other policies, 4,694 10,082,775 00 

Old Policies Revived during the year. 

Whole-life policies, 11 48,068 00 

Endowment policies, 24 56,700 00 

All other policies, 1 1,000 00 

Total number and amount, .... 31,880 $66,334,920 00 

Policies ceased to be in force during the year. 

Terminated by death, 232 $493,063 00 

by expiry, 2 10,000 00 

by surrender, 2,109 4,879,873 00 

by lapse, 3,829 7,414,677 00 

Not taken, 940 2,358,073 00 

Total terminated, 7,112 $15,155,686 00 

Policies in force December 31, 1875. 

Whole-life policies, 11,786 $25,240,880 00 

Endowment policies, 4,831 7,774,763 00 

All other policies, 8,151 18,119,855 00 

Reversionary additions, - 43,736 00 

Totals, 24,768 $51,179,234 00 

Schedule A. 
Securities held as Collateral. 

Market value. Amount loaned. 



United States coupon bonds, 6s, 

25 shares First National Bank, Yonkers, 

United States 5-20 coupon bonds, 1867, . 

" 5-20 coupon bonds, 1868, . 

Cent. Park N. and E. R. R. bonds, . 
United States 5-20 coupon bonds, 1867, . 

" 5-20 coupon bonds, 1865, . 



$62,000 00 $47,000 00 

3,750 00 2,000 00 

56,522 50 \ 96 000 00 
61,375 00/ 

55,000 00 38,500 00 

66,352 50 53,185 00 

87,782 50 73,000 00 



$392,782 50 $309,685 00 



Schedule B. 
Stocks and Bonds owned by the Company. 

Par value.* Market value. 

United States 5-20 coupon bonds, . . . $60,000 00 $73,650 00 
5-20 coupon bonds, 6s, . . 40,000 00 49,600 00 

* Cost value, $554,424.12. 



1875.] 



OF OTHER STATES. 



United States 5-20 coupon bonds, 
" 5-20 coupon bonds, 

" 5-20 reg'd bonds, 

" 5-20 coupon bonds, 

" 5-20 coupon bonds, 

" 10-40 coupon bonds, 

Yonkers (N. Y.) city bonds, . 



$89,000 00 
100,000 00 
81,500 00 
50,000 00 
52,500 00 
15,000 00 
10,000 00 



61 

$109,358 75 
120,250 00 
95,151 25 
60,1?5 00 
59,718 75 
'17,662 50 
10,750 00 



$498,000 00 $596,266 25 



EQUITABLE LIFE ASSURANCE SOCIETY OF THE UNITED 

STATES, NEW YORK. 

[Incorporated July 25, 1859. Commenced business July 28, 1859.] 

Paid-up Capital, $ 100,000. 

Henry B. Hyde, President. Secretary, Samuel Borrowe. 

James W. Alexander, Vice-President. Actuary, George W. Phillips. 

Principal Office, New York. 
Attorney to accept service, Henry T. Blodget, Boston. 

Income. 

Total premium income, $7,999,991 39 

Cash received for interest on stocks, bonds and loans, . 1,340,291 31 
for interest on other debts due the company, 28,222 56 
for rents of company's property, . . . 170,917 99^ 
for profits on bonds, stocks or gold sold, . 32,462 83 



Total income, $9,571,886 08 

Net or ledger assets, December 31, 1874, . . . . 24,735,034 74 



Total, 



$34,306,920 82 



Disbursements. 

Cash paid for losses and additions, 

for matured endowments and additions, 

Gross amount paid for losses and endowments, 

Cash paid to annuitants, 

for surrendered policies, 
Cash dividends paid policy-holders, 



$2,308,831 98 

47,380 00 

$2,356,211 98 

21,165 58 

1,213,963 73 

1,743,670 38 



Total paid policy-holders, . . . $5,335,011 67 

Cash paid for dividends to stockholders, .... $7,000 00 

for commissions to agents, 370,570 68 

for salaries and travelling expenses of agents, . 17,564 00 

for medical examiners' fees, .... 49,024 74 

for salaries of officers and office employes, . . 267,372 37 

for taxes and fees, 56,421 95 



62 LIFE INSURANCE COMPANIES [Dec. 31, 

Cash paid for rent, $47,749 66 

for commuting commissions, .... 16,237 66 

for advertising, 77,425 70 

for office, agency and incidental expenses, . . 384,911 

Total disbursements, $< '95 

Balance, 127,677,630 -7 

Invested in the following: — 

Assets as per Ledger Accounts. 

Cost value of real estate, $5,030,484 55 

Loans on mortgage of real estate (first liens), . . . 17,085,951 88 
Loans on collateral security (schedule A), . . . . 54,320 00 
Cost value of stocks and bonds owned (schedule B), . . 4,363,742 96 

Cash deposited in bank, 868,639 51 

Agents' ledger balances, 237,409 79 

Commuted commissions, 37,082 18 

Ledger assets (as per balance), .... 7,677,63087 

Other Assets. 

Interest due and accrued, $209,910 13 

Rents due and accrued, 41,067/ 

Market value of stocks and bonds, over cost, . - . . 201,087 
Uncollected premiums on policies in force, $185,209 00 
Deferred premiums on policies in force, . 712,576 00 

Total, §897,785 00 

Deduct loading (20 per cent.), . . . 179,557 00 

Net am't of uncollected and deferred prem's, 718,228 00 

Premium on gold, 11,612 89 

Total assets per company's books, .... $28,859,532 70 

Items not Admitted. 
Commuted commissions, .... $37,082 18 

Agents' balances, 237,409 79 

Total, 274,491 97 

Total admitted assets, ~-S,585,040 73 

Liabilities. 
Computed premium reserve or net present value of all 

outstanding policies (Actuaries' 4 per cent.), . . -_ 15 ,826,795 00 
Death losses due and unpaid, . . . §69,500 00 
Matured endowments due and unpaid, . . 1,112 00 

Death losses and matured endowments in 

process of adjustment, .... 361,630 00 
Claims resisted by the company, . . . 29,000 00 

Total policy claims, .... 461,24200 

Unpaid dividends of surplus due policy-holders, . . . 73,748 00 



1875.] 



OF OTHER STATES. 



63 



Liability under three months' clause in policies, . 

Liabilities as to policy-holders, 
Surplus as regards policy-holders, 



$75,000 00 

$26,436,785 00 
. 2,148,255 73 



Gross liabilities, $28,585,040 73 

Estimated surplus accrued on tontine or 
other policies, the profits upon which are 
especially reserved for that class of poli- 
cies, / $1,000,000 00 

Estimated surplus accrued on all other poli- 
cies, 1,148,255 73 

Exhibit of Policies. 

Policies and Additions in force December 31, 1874. 

Number, Amount. 

Whole-life policies, 40,011 $151,065,092 00 

Endowment policies, 7,781 24,995,573 00 



All other policies, 


. 338 


952,935 00 


Reversionary additions, .... 


- 


4,015,401 00 


New Policies Issued in 1875. 




Whole-life policies, 


. 7,078 


22,545,116 00 


Endowment policies, .... 


. 559 


1,461,148 00 


All other policies, 


82 


394,750 00 


Old Policies Revived during the year. 




Whole-life policies, 


. 734 


3,435,100 00 


Endowment policies, .... 


. 126 


451,000 00 


All other policies, 


4 


21,000 00 


Reversionary additions, .... 


. 


115,000 00 


Additions by dividends, .... 


. 


2,114,903 00 


Total number and amount, 


.56,713 | 


211,567,018 00 


Policies ceased to be in fort 


:e during the year. 




Terminated by death, .... 


. 580 


$2,459,885 00 


by maturity, 


15 


51,380 00 


by expiry, .... 


10 


52,000 00 


by surrender, 


. 2,439 


12,014,737 00 


by lapse, .... 


. 3,649 


13,752,530 00 


Not taken, 


. 1,320 


4,603,800 00 


Total terminated, .... 


. 8,013 


$32,934,332 00 



Policies in force December 31, 1875. 
Whole-life policies, . 
Endowment policies, 
All other policies, . 



Reversionary additions, 
Totals, 



40,966 $150,339,807 00 
7,399 23,050,853 00 
335 1,055,255 00 
4,186,771 00 



48,700 $178,632,686 00 



64 



LIFE INSURANCE COMPANIES [Dec. 31, 



United States bonds, 

Brooklyn city stock, 

"Washington sq. (Staten Island) bond, 

United States bonds, 



Schedule A. 
Securities held as Collateral. 

Market value. 

$14,430 00 
8,800 00 



Brooklyn city stock, 

Queen's county (N. Y.) bonds, 

United States bonds, 



225 00 

3,542 50 

470 00 

26,000 00 

14,000 00 

1,170 00 

1,170 00 



} 



Amount loaned. 

$ 10,000 00 

7,000 00 

220 00 

3,000 00 

400 00 

31,700 00 

1,000 00 
1,000 00 



$69,807 50 $54,320 00 



Schedule 
Stocks and Bonds owned 



United States bonds, 
New York state bonds, 
" city bonds, 

Brooklyn city bonds, 
Virginia state bonds, 6s, 
Sharon town bonds (N. Y.), 
Yonkers town bonds (N. Y.), 
South Carolina state bonds, 6s, 
Little Valley town bonds (N. Y.), 
Mercantile Trust Co. stock, . 
Valley Nat. Bank stock, . 



B. 

by the Company. 

Cost value. 

$1,773,373 45 

193,041 92 

1,038,928 75 

137,045 00 

13,050 00 

66,000 00 

15,523 00 

16,250 00 

7,000 00 

1,101,530 84 

2,000 00 



Market value. 

$1,890,303 75 

197,600 00 

1,059,565 00 

149,600 00 

19,689 41 

68,310 00 

17,068 75 

15,237 50 

7,449 17 

1,138,004 61 

2,000 00 



$4,363,742 96 $4,564,828 19 



GERMANIA LIFE INSURANCE COMPANY, NEW YORK. 

[Incorporated April 10, 1860. Commenced business July 16, I860.] 

Paid-up Capital, $200,000. 

Hugo Wesendonck, President. Secretary, Cornelius Doremus. 

Fred'k Schroendler, Vice-President. Actuary, Hubert Clllis. 

Principal Office, No. 287 Broadway. 
Attorney to accept service, Fredric Krause, Boston. 



Income. 

Total premium income, $1,502,841 85 

Cash received for interest on stocks, bonds and loans, . . 408,593 21 

as discount on claims paid in advance, . . 622 25 

for rents of company's property, . . . 590 00 



1875.] 



OF OTHER STATES. 



65 



Policy fees, 



$331 66 



Total income, 

Net or ledger assets, December 31, 1874, 



Total, 



$1,912,978 97 
. 6,144,747 01 


$8,057,725 98 

. $506,104 22 
23,079 54 



Disbursements. 

Cash paid for losses and additions, 

for matured endowments and additions, 

Gross amount paid for losses and endowments, . . $529,183 76 

Cash paid to annuitants, 5,576 38 

for surrendered policies, 253,479 25 

Cash dividends paid policy-holders, applied in payment of 
premiums, 119,219 84 



Total paid policy-holders, . . . $907,459 23 
Cash paid for dividends to stockholders, 

for commissions to agents, .... 
for salaries and travelling expenses of agents, 
for medical examiners' fees, .... 
for salaries of officers and office employes, . 

for taxes and fees, 

for rent, 

for commuting commissions, .... 

for furniture and office fixtures, 

for advertising, . . . 

for office, agency and incidental expenses, . 



Total disbursements, 



Balance, 



$24,000 00 
111,883 83 

55.537 87 

12.538 17 
64,051 74 
12,406 09 
10,141 50 

7,392 16 

1,062 69 

7,510 21 

19,107 08 

$1,233,090 57 

$6,824,635 41 



Invested in the following : — 

Assets as per Ledger Accounts, 

Cost value of real estate, 

Loans on mortgage of real estate (first liens) , 

Loans on collateral security (schedule A), 

Cost value of stocks and bonds owned (schedule B), 

Cash in company's office, 

Cash deposited in bank, 



Ledger assets (as per balance) , 



$24,338 74 
5,374,615 91 

150,000 00 

1,045,174 28 

2,831 20 

227,675 28 

$6,824,635 41 



Other Assets. 
Interest due and accrued, . 
Market value of stocks and bonds, over cost, 
9 



111,275 57 
66,565 72 



66 LIFE INSURANCE COMPANIES [Dec. 31, 

Uncollected premiums on policies in force, . $122,125 80 
Deferred premiums on policies in force, . 255,433 75 



Total, . $377,559 55 

Deduct loading (20 per cent.), . . . 75,511 91 

Net ain't of uncollected and deferred prem's, 8302,047 64 



Total assets per company's books, .... $7,304,524 34 

Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (Actuaries' 4 per cent.), . . . $6,735,112 00 

Death losses due and unpaid, .... $4,255 85 

Death losses and matured endowments in 

process of adjustment, .... 80,031 75 

Claims resisted by the company, . . . 22,058 15 

Total policy claims, 106,345 75 

Unpaid dividends of surplus due policy-holders, . . . 29,191 G4 

Due for taxes and fees, 3,203 45 

Special reserve for tontine and lapsed policies, . . . 20,590 66 



Liabilities as to policy-holders, . . . . $6,894,443 50 
Surplus as regards policy-holders, ...... 410,080 84 



Gross liabilities, $7,304,524 34 

Exhibit of Policies. 
Policies and Additions in force December 31, 1874. 

Number. Amount. 

Whole-life policies, 16,009 $28,032,623 00 

Endowment policies, 3,757 6,035,108 00 

All other policies, . 26 22,369 00 

New Policies Issued in 1875. 

Whole-life policies, 1,535 2,134,338 00 

Endowment policies, 1,160 1,580,896 00 

All other policies, 124 324,000 00 

Old Policies Revived during the year. 

Whole-life policies, 12 30,492 00 

Endowment policies, 6 4,426 00 

Old Policies increased during the year. 

Endowment policies, 5 8,045 00 

Additions by dividends, - 47,404 00 



Total number and amount, .... 22,634 $38,219,701 00 



1875.] 



OF OTHER STATES, 



67 



Policies ceased to be in force during the year. 



Terminated by death, 

by expiry, . 

by surrender, 

by lapse, 

by change and decrease, 
Not taken, 

Total terminated, 



301 

23 

1,030 

747 

6 

267 



2,374 



$512,096 00 

44,373 00 

1,841,141 00 

1,047,503 00 

7,930 00 

344,983 00 



5,798,026 00 



Policies in force December 31, 1875. 

Whole-life policies, 15,907 $27,478,309 00 

Endowment policies, 4,222 6,648,247 00 

All other policies, 131 295,119 00 



Totals, 



20,260 $34,421,675 00 



Schedule A. 
Securities held as Collateral. 

Market value. Amount loaned. 

United States 5-20 reg'd bonds, 1867, . . $ 183,750 00 $150,000 00 



Schedule B. 

Stocks and Bonds owned by the Company. 

Par value.* 

United States 10-40 reg'd bonds, 5s, . . $37,000 00 

10-40 reg'd bonds, 5s, 1881, . 150,000 00 

5-20 reg'd bonds, 6s, 1865, . 47,000 00 

5-20 coupon bonds, 6s, 1865, . 2,000 00 

" 5-20 coupon bonds, 6s, 1S65, . 60,000 00 

5-20 reg'd bonds, 6s, 1867, . 183,000 00 

5-20 coupon bonds, 6s, 1867, . 40,000 00 

5-20 coupon bonds, 6s, 1868, . 5,000 00 

reg'd bonds, 6s, 1881, . . 20,000 00 

Virginia state reg'd bonds, 6s, ... 30,000 00 

Mississippi state warrants, 6s, ... 10,000 00 

N. Y. city and county reg'd bonds, 7s, . . 350,000 00 

Brooklyn city park bonds, 7s, . . . . 65,000 00 

" water bonds, 6s, 15,000 00 



Market value. 

$43,290 00 

174,750 00 

54,755 00 

2,300 00 

72,000 00 

217,770 00 

49,000 00 

6,125 00 

23,800 00 

11,100 00 

7,500 00 

367,500 00 

67,600 00 

14,250 00 



$1,014,000 00 $1,111,740 00 



Cost value, $1,045,174.28. 



68 LIFE DfeUKANCE COMPANIES [Dec. 31, 



GLOBE MUTUAL LIFE INSURANCE COMPANY, NEW YORK. 

[Incorporated June, 1864. Commenced business June, 1864.] 

Paid-tjp Capital, $100,000. 

Pliny Freeman, President. Secretary, James M. Freeman. 

Actuary, Edward H. Sewell. 

Principal Office, 345 and 347 Broadway. 

Attorney to accept service, C. W. Carter, Boston. 

Income. 

Total premium income, $769,594 22 

Cash received for interest on stocks, bonds and loans, . . 190,500 52 

for interest on other debts due the company, . 11,589 56 

as discount on claims paid in advance, . 65 51 

for rents of company's property, . . . 12,452 16 

Premiums received for reinsurance, cash, .... 87,481 39 

Premium on gold, 1,444 86 

Total income, $1,073,128 22 

Net or ledger assets, December 31, 1874, . . . . 3,798,534 68 

Total, ■. -4,871,662 90 

Disbursements. 

Cash paid for losses and additions, §372,329 01 

for matured endowments and additions, . . 24,774 39 

Gross amount paid for losses and endowments, . . $397,103 40 

Cash paid for surrendered policies, 215,510 63 

Cash dividends paid policy-holders, applied in payment of 

premiums, 46,312 10 

Total paid policy-holders, . . . $658,926 13 

Cash paid for dividends to stockholders, .... $13,723 40 

for commissions to agents, 58,099 10 

for salaries and travelling expenses of agents, . 42,777 25 

for medical examiners' fees, 8,727 50 

for salaries of officers and office employes, . . 48,692 55 

for taxes and fees, 5,365 83 

for rent, 17,429 60 

for commuting commissions, 8,128 24 

for furniture and office fixtures, .... 3,421 79 

for advertising, 7,489 22 

for office, agency and incidental expenses, . . 17,973 62 

Total disbursements, $890,754 23 

B*lanee, . $3,980,908 67 



1875.] 



OF OTHER STATES. 



69 



Invested in the following : — 

Assets as per Ledger Accounts 

Cost value of real estate, 

Loans on mortgage of real estate (first liens), 
on collateral security (schedule A), 
on company's policies assigned as collateral, 

Cost value of stocks and bonds owned (schedule B), 

Cash in company's office, 
deposited in bank, . 

Bills receivable, 

Agents' ledger balances, . 

Furniture, fixtures and supplies, 

Ledger assets (as per balance), 



Other Assets. 

Interest due and accrued, 

Rents due and accrued, .... 

Market value of real estate, over cost, . 

" of stocks and bonds, over cost, 

Uncollected premiums on policies in force, 
Deferred premiums on policies in force, 



Total, 

Deduct loading (10 per cent.), 

Net am't of uncollected and deferred prem's, 

Total assets per company's books, . 



$649,549 65 

1,568,541 67 

107,323 70 

33,361 90 

1,361,953 80 

32,523 91 

187,316 66 

1,504 74 

14,145 85 

24,686 79 

13,980,908 67 



74,308 97 

2,326 68 

83,450 35 

99,401 59 



$64,009 42 
127,812 00 

$191,821 42 
19,182 00 



• 172,639 42 
$4,413,035 68 



Items not Admitted. 

Judgments, $707.39 ; Furniture and fixtures, 

$22,186.79, .... 
Commuted commissions, . 
Agents' balances, 
Bills receivable, 

Agency supplies, stationery, etc., 
Total, .... 

Total admitted assets, 



$22,894 18 
7,394 83 
6,043 63 
1,504 74 
2,500 00 



40,337 38 
$4,372,698 30 



Liabilities. 
Computed premium reserve or net present 
value of all outstanding policies (Actua- 
ries' 4 per cent.), 

Deduct net value of reinsured risks, 

Net premium reserve, .... 
Death losses and matured endowments in 
process of adjustment, .... 
Claims resisted by the company, . 
Total policy claims, . • . 



53,893,459 00 
2,195 00 
$3,891,264 00 

$88,348 00 
40,000 00 
128,348 00 



70 LIFE INSURANCE COMPANIES [Dec. 31, 

Reserve on lapsed policies, $13,570 00 

Liabilities as to policy-holders, .... $4,033,182 00 
Surplus as regards policy-holders, 339,516 30 

Gross liabilities, 84,372,698 30 

Estimated surplus accrued on tontine or 
other policies, the profits upon which are 
especially reserved for that class of poli- 
cies, $18,408 4 00 

Exhibit of Policies. 

Policies and Additions in force December 31, 1874. 

Number. Amount. 

Whole-life policies, 7,790 $18,018,201 00 

Endowment policies, 2,721 4,460,710 00 

All other policies, 176 478,450 00 

New Policies Issued in 1875. 

Whole-life policies, 2,029 4,389,846 00 

Endowment policies, 306 326,489 00 

All other policies, 135 231,000 00 

Old Policies Revived during the year. 

Whole-life policies, 75 223,100 00 

Endowment policies, . . . . . . 29 53,000 00 

All other policies, 2 2,000 00 

Additions by dividends, - 197,586 00 

Total number and amount, .... 13,263 $28,380,382 00 



Policies ceased to be in force during the year. 

Terminated by death, 

by maturity, . 

by expiry, . 

by surrender, 

by lapse, 

by change and decrease, 
Not taken, 



166 


$399,306 00 


13 


30,986 00 


1 


5,000 00 


739 


1,969,888 00 


1,172 


3,171,052 00 


1 


1,000 00 


353 


1,058,670 00 



Total terminated, 



2,445 $6,635,902 00 



Policies in force December 31, 1875. 

Whole-life policies 8,042 

Endowment policies, 2,615 

All other policies, 161 

Totals, . . 10,818 



$17,520,265 00 

3,928,715 00 

295,500 00 



$21,744,480 00 



1875.] 



OF OTHER STATES. 



71 



Schedule A. 

Securities held as Collateral. 

Market value. 



40 shares Home Fire Ins. Co., . 
20 " Bank of Commerce, 
45 " Home Fire Ins. Co., . 
N. Y. and West Shore R. R. bonds, 
336 shares Metropolitan Fire Ins. Co., 
120 " Home Fire Ins. Co., 
30 " Union Ferry Co., . 
Long Island city Shore R. R. bonds, 



$4,480 00 
2,340 00 
4,940 00 

16,000 00 
6,720 00 

13,440 00 

4,300 00 

100,000 00 



Amount loaned. 

$3,800 00 
2,000 00 
2,700 00 
8,000 00 
5,000 00 

10,700 00 
2,000 00 

73,123 70 



$152,220 00 $107,323 70 



Schedule B. 
Stocks and Bonds owned by the Company. 

Cost value. 

United States bonds, $778,774 30 

New York state gold bonds, 6s, . . . 11,499 37 

state bounty loan, .... 22,326 25 

" county bounty loan, . . . 10,000 00 

" city accum'd debt bonds, 1885, . 15,516 25 

Brooklyn Soldiers' Aid loan, .... 69,350 00 

Bushwick Ave. loan, . . . 25,125 00 

" public park loan, .... 250,492 50' 

bridge bonds, 61,888 89 

Long Island city bonds, 60,000 00 

Astoria Village bonds, 1,980 39 

Richmond city bonds, 8s, .... 46,250 00 

Mississippi state warrants, .... 8,750 25 



Market value. 

$838,625 00 
12,000 00 
22,890 00 
10,900 00 
14,280 00 
79,570 00 
27,250 00 
265,960 00 
65,400 00 
60,000 00 

1,980 39 
53,500 00 

9,000 00 



$1,361,953 20 $1,461,355 39 



HARTFORD LIFE AND ANNUITY INSURANCE COMPANY, 

HARTFORD, CONN. 

[Incorporated May, 1866. Commenced business April, 1867.] 

Paid-up Capital, #300,000. 

Wareham Griswold, President. Secretary, Stephen Ball. 

Erastus Crosby, Vice-President. 

Principal Office, Hartford. 

Attorney to accept service, J. W. Woodruff, Auburndale. 

Income. 

Total premium income, $106,524 60 

Cash received for interest on stocks, bonds and loans, . . 61,777 86 

Total income, $168,302 46 

Net or ledger assets, December 31, 1874, .... 808,365 56 

Total, $976,668 02 



72 LIFE INSURANCE COMPANIES [Dec. 31, 

Disbursements. 

Cash paid for losses and additions, 829,131 48 

fof surrendered policies, . . . . . j?,o52 44 
Cash dividends paid policy-holders, applied in payment of 

premiums, 5,420 22 

Total paid policy-holders, . . . $37,104 14 

Cash paid for dividends to stockholders, .... $15,000 00 

for commissions to agents, 8,540 32 

for salaries and travelling expenses of agents, . 11,508 08 

for medical examiners' fees, 533 00 

for salaries of officers and office employes, . . 6,099 92 

for taxes and fees, 1,308 72 

for rent, 1,766 04 

for advertising, 987 55 

for office, agency and incidental expenses, . . 4,594 73 

Total disbursements, $87,442 50 

Balance, $889,225 52 

Invested in the following: — 

Assets as per Ledger Accounts. 

Cost value of real estate, $3,093 68 

Loans on mortgage of real estate (first liens), . . . 730,719 82 

Loans on collateral security (schedule A), . . . . 23,500 00 

Loans on company's policies assigned as collateral, . . 3,200 00 

Cost value of stocks and bonds owned (schedule B), ; . 53,610 77 

Cash in company's office, 23 82 

Cash deposited in bank, 41,399 89 

Agents' ledger balances, 21,947 74 

Furniture and fixtures, $11,560.43 ; non-resident tax, $169.37, 11,729 80 

Ledger assets (as per balance), $889,225 52 

Other Assets. 

Interest due and accrued, 30,947 85 

Market value of stocks and bonds, over cost, . . . 1,011 73 
Uncollected premiums on policies in force, . $13,656 31 
Deferred premiums on policies in force, . 11,989 87 



Total, 825,646 18 

Deduct loading (10 per cent.), . . . 2,564 62 

Net am't of uncollected and deferred prem's, 23,081 56 



Total assets per company's books, $944,266 66 



1875.] 



OF OTHER STATES. 



73 



Items not Admitted. 

Furniture and fixtures, $11,560 43 

Agents' balances, 21,947 74 

Total, $33,508 17 



Total admitted assets, $910,758 49 



Liabilities. 
Computed premium reserve or net present value of all 

outstanding policies (Actuaries' 4 per cent.), . 
Deduct net value of reinsured risks, 



Net premium reserve, 

Death losses and matured endowments in process of ad 

justment, . . 

Unpaid dividends of surplus due policy-holders, . 

Liabilities as to policy-holders, 
Surplus as regards policy-holders, . 



Gross liabilities, 



$590,797 00 
2,597 00 



$588,200 00 

6,806 90 
900 00 


$595,906 
314,851 


90 
59 



$910,758 49 



Exhibit of Policies. 



Policies and Additions in force December 31, 1874. 



Number. 

Whole-life policies, 1,966 

Endowment policies, 123 

All other policies, 540 

Reversionary additions, 

New Policies Issued in 1875. 

Whole-life policies, 244 

Endowment policies, 15 

Whole-life policies revived during the year, . . 1 

Old Policies increased during the year. 

Whole-life policies, 21 

Endowment policies, 2 

All other policies, . . . . . . 167 

Additions by dividends, - 



Amount. 

$3,284,875 00 

146,940 00 

1,011,077 00 

6,450 00 

261,098 00 
12,675 00 

1,000 00 

42,000 00 

3,000 00 

315,500 00 

922 00 



Total number and amount, 



3,079 $5,085,537 00 



Policies ceased to be in force during the year. 

Terminated by death, 14 

by expiry, 109 

by surrender, 157 

by lapse, 39 

by change and decrease, ... - 

by transfer, 190 

Not taken, 23 



Total terminated, 
10 



$20,465 00 

204,827 00 

378,353 00 

96,200 00 

24,039 00 

360,500 00 

40,225 00 

532 $1,124,609 00 



74 



LIFE INSURANCE COMPANIES [Dec. 31, 



Policies in force December 31, 1875. 

Whole-life policies, 1,875 82,800,282 00 

Endowment policies, 122 131,409 00 

All other policies, 550 1,023,750 00 

Reversionary additions, - -7 00 

Totals, 2,547 83,960,928 00 



Schedule A. 
Securities held as Collateral. 

Market value. 

Lewis county (Mo.) bond, .... $500 00 

Algona (Iowa) school bond, .... 1,000 00 

Real estate mortgage bonds on land in Iowa, 

40 shares Hartford Steam Boiler Ins. Co , 

84 " American Publishing Co., 

10 " Hartford Pump Co., 

St. Louis and So. Eastern R. R. Co. bond, 

Trust deeds on land (Illinois), 



Amount loaned. 



2,000 00 
2,600 00 \ 
3,360 00 



10,000 00 



400 00 , 
4,000 00 J 
10,000 00 



823,860 00 '.,500 00 



Schedule B. 

Stocks and Bonds owned by the Company. 

Cost valae. 

United States 5-20 coupon bonds, . . . $3,740 02 

Jefferson county (111.) bonds, . . . 16,000 00 

200 shares First Nat"l Bank, Hartford, . . 28,200 00 

50 " Home Nat'l Bank, West Meriden, 5,670 75 



Market value. 

84,322 50 

16,000 00 

28,300 00 

6,000 00 



853,610 77 -4,622 50 



HOME LIFE INSURANCE COMPANY, BROOKLYN, N. Y. 

[Incorporated April 30, 1860. Commenced business May 1, I860.] 
Paid-up Capital, $125,000. 
George C. Ripley, President. Secretary and Actuary, Wm. J. Coffin". 

Principal Office, Brooklyn. 
• Attorney to accept service, James M. Burgess, Boston. 

Income. 

Total premium income, $741,665 88 

Cash received for interest on stocks, bonds and loans, . . 272,586 12 

for rents of company's property, . . . 5,654 94: 

Total income, $1,019,906 94 

Net or ledger assets, December 31, 1874, . . . 3,953,288 83 

Total, $4,973,195 77 



1875.] 



OF OTHER STATES. 



75 



Disbursements. 

Cash paid for losses and additions, 

Premium notes or loans used in payment of same, 

Cash paid for matured endowments and additions, 



$213,898 24 

15,946 76 

5,000 00 



Gross amount paid for losses and endowments. . . $234,845 00 

Cash paid to annuitants, 1,930 09 

for surrendered policies, 61,327 42 

Premium notes or loans used in purchase of surrendered 

policies and voided by lapse, 54,793 47 

Cash dividends paid policy-holders, applied in payment of 

premiums, 43,634 45 

Premium notes or loans used in payment of dividends, . 115,002 86 



Total paid policy-holders, 



$511,533 29 



Cash paid for dividends to stockholders, 

for commissions to agents, .... 
for salaries and travelling expenses of agents, 
for medical examiners' fees, .... 
for salaries of officers and office employes, . 

for taxes and fees, 

for rent, 

for furniture and office fixtures, 

for advertising, 

for office, agency and incidental expenses, . 

Total disbursements, 



Balance, 



$15,000 00 

59,749 00 

8,962 44 

2,683 00 

27,812 05 

4,348 64 

8,182 46 

921 66 

1,467 90 

11,714 07 

. $652,374 51 

$4,320,821 26 



Invested in the following : — 

Assets as per Ledger Accounts 

Cost value of real estate, 

Loans on mortgage of real estate (first liens) , 

Loans on collateral security (schedule A), 

Premium notes or loans on policies in force, . 

Cost value of stocks and bonds owned (schedule B), 

Cash in company's office and in bank, . 

Agents' ledger balances, 

Ledger assets (as per balance), 



$178,400 00 

1,321,576 00 

257,000 00 

1,093,694 28 

1,132,788 70 

331,807 96 

5,554 32 

$4,320,821 2Q 



Other Assets. 
Interest due and accrued, . 

Rents due and accrued, 

Market value of real estate, over cost, . 
Market value of stocks and bonds, over cost, 



" 11,996 90 

2,716 66 

10,000 00 

33,941 30 



76 LIFE INSURANCE COMPANIES [Dec. 31, 

Uncollected premiums on policies in force, . $95,384 21 
Deferred premiums on policies in force, . 31,110 25 



Total, $126,494 46 

Deduct loading (20 per cent), . • . 25,298 92 

Net am't of uncollected and deferred prem's, 8101,195 54 



Total assets per company's books, .... $4,480,671 66 

Items not Admitted. 
Agents 1 balances, 5,554 32 



Total admitted assets, $4,475,117 34 

Liabilities. 
Computed premium reserve or net present value of all 

outstanding policies (Actuaries 1 4 per cent.), . . $3,891,31100 
Death losses and matured endowments in 



process of adjustment, 
Claims resisted by the company, . 
Total policy claims, . 

Liabilities as to policy-holders, 
Surplus as regards policy-holders, 



Gross liabilities, 



830,196 00 
12,000 00 
42,196 00 



$3,933,507 00 
. 541,610 34 

84,475,117 34 



Premium Note Account. 

Premium notes on hand Dec. 31, 1874, . . $1,064,869 18 

Premium notes or loans received during 1875, 215,826 58 

Total, • . §1,280,695 76 

Used in payment of losses and claims, . . 815,946 76 
of surrendered policies and 

voided by lapse, . . 54,793 47 
of dividends to policy-hold- 
ers, 115,002 86 

Redeemed by maker in cash, .... 1,258 39 

Total, 187,001 48 



Balance note assets, December 31, 1875, . . . $1,093,694 28 

Exhibit of Policies. 
Policies and Additions in force December 31, 1874. 

Number. Amount. 

Whole-life policies, 8,617 $17,544,263 00 

Endowment policies, 1,791 3,387,149 00 

All other policies, 13 5,000 00 

New Policies Issued in 1875. 

Whole-life policies, 634 1,319,122 00 



1875.] 



OF OTHER STATES. 



77 



Endowment policies, 
All other policies, . 



Old Policies Revived during the year. 



Whole-life policies, . 
Endowment policies, 

Total number and amount, 



91 


$141,117 00 


1 


— 


year. 
17 


33,000 00 


2 


2,000 00 



.11,166 $22,431,651 00 



Policies ceased to be in force during the year. 

Terminated by death, 

by maturity, . 

by surrender, 

by lapse, 

by change and decrease, 
Not taken, 

Total terminated, 



. 116 


$229,845 00 


3 


5,000 00 


. 637 


1,331,228 00 


71 


123,500 00 


- 


34,000 00 


. 105 


186,500 00 


. 932 


$1,910,073 00 



Policies in force December 31, 1875. 

Whole-life policies, 

Endowment policies, 

All other policies, 



. 8,541 $17,370,907 00 

. 1,680 3,145,671 00 

13 5,000 00 



Totals, 10,234 $20,521,578 00 



Schedule 

Securities held as 



United States 5-20 bonds, 
Nassau Nat'l Bank stock, Brooklyn, 
Brooklyn Bank stock, 
Brooklyn City Gas Co. stock, . 
Brooklyn city water loan, 
United States bonds, 
Brooklyn City Gas Co. stock, . 
Brooklyn city certificates, 
Nassau Nat'l Bank stock, Brooklyn 
Brooklyn City Gas Co. stock, . 
Prospect Park, Brooklyn, 
Central Trust Co., New York, 
Delaware and Hudson Canal Co., 
Rensselaer and Saratoga R. R. Co. 
Brooklyn City Gas Co. stock, . 
Metropolitan Nat'l Bank, N. Y., 
Nassau Nat'l Bank, Brooklyn, 
Union Trust Co., N. Y., . 
Home Fire Ins. Co.,'N. Y., 
United States bonds, 
Nassau Gas Co. stock, Brooklyn, 



A. 

Collateral. 

Market value 

$9,200 00^ 
3,200 00 
1,800 00 
2,750 00 

10,700 00 
5,750 00 

11,165 00 

25,000 00 
4,000 00 
2,640 00 J 
3,210 00^ 

50,000 00 ' 



Amount loaned. 



> $61,200 00 



54,000 00 



} 118,000 00 



16,500 00 J 

70,620 00> 

23,125 00 

1,600 00 

11,000 00 } 77,800 00 

3,000 00 

14,720 00 

600 00 , 

$324,580 00 $257,000 00 



78 



LIFE INSURANCE COMPANIES [Dec. 31, 



Schedule B. 

Stocks and Bonds owned by the Company. 

Cost value. 

United States bonds, $196,316 20 

N. Y. state bonds, 7s, 49,737 50 

King's county bonds, 7s, 207,037 50 

Brooklyn city bonds, 7s, 679,697 50 



Market value. 

1,855 00 

51,750 00 

212,000 00 

678,125 00 



$1,132,788 70 $1,166,730 00 



HOMOEOPATHIC MUTUAL LIFE INSURANCE COMPANY, NEW 

YORK. 

[Incorporated July 18, 1868. Commenced business July 18, 1868.] 

Paid-up Capital, #200,000. 

D. D. T. Marshall, President. Secretary, Frank B. Mathew. 

C. M. Kellogg, Vice-President. Actuary, D. P. Fackler. 

Principal Office, 231 Broadway. 

Attorney to accept service, Henry Hale, Hyde Park. 

Income. 

Total premium income, $201,677 04 

Cash received for interest on stocks, bonds and loans, . . 32,246 69 

for interest on other debts due the company, . 1,541 78 

for rents of company's property, . . . 140 00 

Total income, . . . . • §235,605 51 

Net or ledger assets, December 31, 1874, .... 525,872 60 



Total, 



8761,478 11 



Disbursements. 

Cash paid for losses and additions, 835,442 00 

for surrendered policies, 45,325 13 

Cash surrender values, including reconverted additions ap- 
plied in payment of premiums, 24,295 00 

Cash dividends paid policy-holders, §6,150.36 ; applied in 

payment of premiums, $4,199.74, 10,350 10 

Total paid policy-holders, . . . §115,412 23 

Cash paid for commissions to agents, §15,265 07 

for salaries and travelling expenses of agents, . ■ 15,177 65 

for medical examiners' fees, 3,026 21 

for salaries of officers and office employes, . . 9,120 00 

for taxes and fees, 929 42 

for rent, 2,400 00 

for commuting commissions, 3,316 03 

for furniture and office fixtures 700 00 



1875.] 



OF OTHER STATES. 



79 



Cash paid for advertising, $2,216 42 

for office, agency and incidental expenses, . . 10,422 01 
Trust money returned, $3,500 ; profit and loss account, 

$1,905.43, 5,405 43 



Total disbursements, 



. $183,390 47 



Balance, |578,087 64 



Invested in the following : — 

Assets as per Ledger Accounts 

Cost value of real estate, 

Loans on mortgage of real estate (first liens), 

Loans on collateral security (schedule A), 

Loans on company's policies assigned as collateral, 

Cost value of stocks and bonds owned (schedule B), 

Cash in company's office, 

Cash deposited in bank, . 

Office furniture and fixtures, . 

Agents' ledger balances, . 

Ledger assets (as per balance), 



. $30,629 77 


. 299,781 


18 


9,850 


00 


8,106 


53 


. 218,215 


00 


501 


00- 


5,783 43 


2,734 


99 


2,485 


74 


. $578,087 64 



Other Assets. 

Interest due and accrued, . 
Market value of stocks and bonds, over cost, 
Uncollected premiums on policies in force, 
Deferred premiums on policies in force, 

Total, 

Deduct loading (20 per cent.), 

Net am't of uncollected and deferred prem's, 

Commuted commissions, 

Total assets per company's books, . 



Items not Admitted. 



Furniture and fixtures, . 
Commuted commissions, 
Agents' balances, 
Total, 

Total admitted assets, 



$14,832 22 
30,399 76 

$45,231 98 
9,046 39 



10,840 32 
17,815 00 



36,185 59 
8,000 00 



$2,734 99 
8,000 00 
2,485 74 


$650,928 55 
13,220 73 





$637,707 82 



Liabilities. 

Computed premium reserve or net present 
value of all outstanding policies (Actua- 
ries' 4 per cent.), . . . 

Deduct net value of reinsured risks, 

Net premium reserve, . . . . 



$582,037 00 
8,007 00 



$574,030 00 



80 



LIFE INSURANCE COMPANIES [Dec. 31, 



All other liabilities : reserved for other claims, 

Liabilities as to policy-holders, 
Surplus as regards policy-holders, . 



Gross liabilities, 



$2,090 00 

$576,120 00 
61,587 82 

§637,707 82 



Exhibit of Policies. 
Policies and Additions in force December 31, 1874. 

Number. Amount. 

Whole-life policies, 1,814 $3,497,440 00 

Endowment policies, 831 1,080,912 00 

All other policies, 23 81,500 00 



New Policies Issued in 1875. 

Whole-life policies, 827 

Endowment policies, 248 

All other policies, 30 

Old Policies Revived during the year. 

Whole-life policies, 12 

EnQowment policies, 4 

Additions by dividends, - 



Total number and amount, 



1,497,466 00 

305,451 00 

65,500 00 

25,725 00 

3,700 00 

4,866 00 

3,789 $6,562,560 00 



Policies ceased to be in force during. the year. 
Terminated by death, 25 



by expiry, . 

by surrender, 

by lapse, 

by change and decrease, 



Not taken, 

Total terminated, 



$42,657 00 
18,000 00 

458,593 00 

481,700 00 
91,000 00 

439,808 00 

832 $1,531,758 00 



6 

238 

298 

35 

230 



Policies in force December 31, 1875. 

Whole-life policies, . 2,067 

Endowment policies, 848 

All other policies, 42 



Totals, 



Schedule A. 

Securities held as Collateral. 



!3,875,273 00 

1,045,529 00 

110,000 00 

2,957 $5,030,802 00 



United States 5-20 bonds, 

K a it (( 

Oriental Bank stock, 

Fifth Nat'l Bank stock, . 

50 shares Clark Thread Co., . 

60 " Hamilton Fire Ins. Co., 



Market value. 


Amount loaned. 


$1,222 00 


a 1,000 00 


1,222 00 


1,000 00 


2,000 00 


1,000 00 


3,000 00 


1,500 00 


6,000 00 ^ 
1,400 00/ 


5,350 00 




$14,844 00 


?9,850 00 



1875.] OF OTHER STATES. 81 

Schedule B. 
Stocks and Bonds owned by the Company. 

Cost value. Market value. 

United States 10-40 bonds, .... $145,21500 $163,03000 
E. Broadway Dry Dock and B. R. R. mort- 
gage bond, 38,000 00 38,000 00 

Sodus (N. Y.) town bonds 10,000 00 10,000 00 

Somerset (N. Y.) town bonds, . . . 14,000 00 14,000 00 

Yates (N. Y.) town bonds, .... 11,000 00 11,000 00 



$218,215 00 #236,030 00 



KNICKERBOCKER LIFE INSURANCE COMPANY, NEW YORK. 

[Incorporated April, 1853. Commenced business April, 1853.] 

Paid-up Capital, $100,000. 

John A. Nichols, President. Secretary, George F. Sniffen. 

Actuary, Charles M. Hibbard. 

Principal Office, 239 Broadway. 

Attorney to accept service, Wallace B. Williams, Boston. 

Income. 

Total premium income, $1,494,309 82 

Cash received for interest on stocks, bonds and loans, . . 304,728 46 
for interest on other debts due the company, 1,367 56 
as discount on claims paid in advance, . . 85 93 

for rents of company's property, . . . 46,766 74 



Total income, $1,847,258 51 

Net or ledger assets, December 31, 1874, .... 6,568,347 26 



Total, $8,415,605 77 

Disbursements. 

Cash paid for losses and additions, $509,939 98 

Premium notes or loans used in payment of same, . , 56,912 00 

Cash paid for matured endowments and additions, . . 46,266 65 

Premium notes or loans used in payment of same, . . 27,054 52 



Gross amount paid for losses and endowments, . . $640,173 15 

Cash paid to annuitants, 177 00 

for surrendered policies, 487,740 25 

Premium notes or loans used in purchase of surrendered 

policies and voided by lapse, 254,738 51 

Cash dividends paid policy-holders, applied in payment of 

premiums, 170,815 56 

Premium notes or loans used in payment of dividends, . . 69,322 81 



Total paid policy-holders, . . . $1,622,967 28 
11 



82 



LIFE INSURANCE COMPANIES [Dec. 31, 



Cash paid for dividends to stockholders, 

for commissions to agents, .... 
for salaries and travelling expenses of agents, 
for medical examiners' fees, .... 
for salaries of officers and office employes, . 
for taxes and fees, . ... 

for rent, 

for advertising, 

for office, agency and incidental expenses, . 

Total disbursements, 



Balance, 



$9,989 50 

67,109 83 

4,945 20 

3,469 85 

43,553 26 
10,772 13 
17,800 00 
16,830 22 
98,191 60 

$ 1,895,622 87 

$6,519,982 90 



Invested in the following : — 

Assets as per Ledger Accounts 

Cost value of real estate, 

Loans on mortgage of real estate (first liens), 
Loans on collateral security (schedule A), . 
Premium notes or loans on policies in force, . 
Cost value of stocks and bonds owned (schedule B), 

Cash in company's office, 

Cash deposited in bank, 

Office furniture, ■ 

Gross ledger assets (as per balance), 
Deduct depreciation from cost of assets, . 

Total net or ledger assets, .... 



$605,217 06 

2,371,392 27 

69,960 00 

2,820,<:69 91 

455,677 53 

14,498 04 

157,555 57 

25,612 52 

$6,519,982 90 

22,855 19 

$6,497,127 71 



Other Assets. 

Interest due and accrued, 326,030 37 

Rents due and accrued, . . 8,931 49 

Market value of real estate, over cost, . . . . . 119,379 66 
Uncollected premiums on policies in force, . $123,843 84 
Deferred premiums on policies in force, . . 259,926 69 

Total, $383,770 53 

Deduct loading (20 per cent), . . . 76,754 10 

Net am't of uncollected and deferred prem's, 307,016 43 

Commuted commissions, 319,479 29 

Total assets per company's books, .... $7,607,964 95 



Items not Admitted. 



Furniture and fixtures, , 
Commuted commissions, 
Total, 



125,612 52 

349,479 29 



Total admitted assets, 



• 375,091 81 
$7,232,873 14 



1875.] OF OTHER STATES. 83 

Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (Actuaries' 4 per cent.), . • . . $6,536,324 00 

Death losses and matured endowments in process of adjust- 
ment, 177,966 00 

Unpaid dividends due stockholders, 103 25 

All other liabilities (ledger accounts), 14,206 68 

Liabilities as to policy-holders, .... $6,728,599 93 
Surplus as regards policy-holders, 504,273 21 

Gross liabilities, . $7,232,873 14 

Premium Note Account. 

Premium notes on hand Dec. 31, 1874, . . $3,001,427 83 

Premium notes or loans received during 1875, 231,965 07 

Total, $3,233,392 90 

Used in payment of losses and claims, . . $83,966 52 
of surrendered policies and 

voided by lapse, . . 254,738 51 
of dividends to policy-hold- 
ers, 69,322 81 

Redeemed by maker in cash, .... 5,295 15 



413,322 99 



Balance note assets, December 31, 1875, . . . $2,820,069 91 

Exhibit of Policies. 
Policies and Additions in force December 31, 1874. 

Number. Amount. 

Whole-life policies, 9,523 $23,143,803 00 

Endowment policies, 2,237 4,883,132 00 

All other policies, 10 16,000 00 

New Policies Issued in 1875. 

Whole-life policies, 624 1,178,292 00 

Endowment policies, 252 478,816 00 

Old Policies Revived during the year. 

Whole-life policies, 20 64,976 00 

Endowment policies, 21 29,949 00 



Total number and amount, .... 12,687 $29,794,968 00 

Policies ceased to be in force during the year. 
Terminated by death, 

by maturity, . 

by surrender, 

by lapse, 

by change and decrease, 
Not taken, 



Total terminated, 



. 223 


$585,341 00 


21 


64,700 00 


701 


2,030,051 00 


1,253 


3,259,213 00 


27 


60,100 00 


58 


122,600 00 


2,283 


$6,122,005 00 



84 



LIFE INSURANCE COMPANIES [Dec. 31, 



Policies in force December 31, 1875. 



Whole-life policies, . 
Endowment policies, 
All other policies, . 



8,431 $19,566,535 00 

1,963 4,090,42* 00 

10 10,000 00 





Total 










Schedule A. 










Securities held as Collateral. 










Market valne. 


Amount loaned. 


Morris and Essex R. R. bonds, 


$1,000 00 


$500 00 


60 shares Peter Cooper Fire Ins. Co., . 


2,496 00^ 




12 


M 


Home Fire Ins. Co., 


1,308 00 




120 


M 


Pacific Fire Ins. Co., 


6,900 00 




10 


H 


Manufacturers and Builders 1 Fir* 


1 




30 


H 


Ins. Co., .... 
Mercantile Mutual Fire Ins. Co., 


1,200 00 
1,500 00 


> 20,000 00 


200 


M 


Brooklyn Fire Ins. Co., . 


7,480 09 




25 


M 


Germania Fire Ins. Co., . 


1,500 00 




60 


M 


Williamsburg City Fire Ins. Co., 


6,000 00 




40 


M 


Pacific Bank, 


3,000 00 J 




40 


II 


Fulton Bank, Brooklyn, 


2,400 00 


2,000 00 


20 


(1 


Park Bank, Brooklyn, . 


2,800 00 


2,000 00 


25 


It 


Continental Ins. Co., 


3,200 (XT 




10 


II 


Clinton Ins. Co., . 


2,000 00 




10 


II 


Park Ins. Co., 


1,700 00 


. 10,000 00 


25 


IC 


Home Ins. Co., . 


2,725 00 


10 


11 


American Exchange Ins. Co., 


1,100 00 




50 


II 


Montauk Ins. Co., . 


5,000 00, 




75 


II 


Market Bank, . 


9,000 00 , 
4,000 00 




20 


II 


Importers and Traders 1 Bank, 


- 28,460 00 


162 


II 


Gallatin Bank, 


10,125 00 
9,000 00, 


100 


(I 


Bank of Republic, . 




50 


II 


Park Bank, . 


7,000 00 >j 




10 


It 


N. Y. Central Bank, 


1,050 00 


► 7,000 00 


Worcester city bond, 


500 00 J 





893,984 00 $69,960 00 



United States bonds, 
Virginia regM consols, . 
South Carolina state bonds 
Tennessee state bonds, . 
Mississippi state warrants, 
Alabama state bonds, 8s, . 
600 shares Erie R. R., 



Schedule B. 

Stocks and Bonds owned by the Company. 

Cost value. 

$261,842 42 
19,784 13 



43,350 50 

19,700 00 

8,375 00 

9,995 00 

33,000 00 



Market valne. 

$293,806 25 
18,391 09 
17,500 00 
11,700 00 
10,000 00 
2,500 00 
19,200 00 



1875.] 



OF OTHER STATES. 



85 



Central Park and N. and E. R. R. bonds, 



$1,600 00 $2,000 00 



Brooklyn Central and Jamaica R. R. bonds, . 6,700 00 6,700 CO 



100 shares American Exchange Bank, 
100 " Fourth National Bank, . 
Brooklyn Central and Jamaica R. R. bonds, 
N. Y. Guaranty and Indemnity Co. stock, 



11,347 50 
10,387 50 
12,570 48 
17,025 00 



11,500 CO 
10,000 00 
12,500 00 
17,025 00 



$455,677 53 $432,822 34 



LIFE ASSOCIATION OF AMERICA, ST- LOUIS, MO. 

[Incorporated June 16, 1868. Commenced business June 16, 1868.] 

Henry W. Hough, President. Secretary, John S. Pierce. 

John T. Douglass, Vice-President Actuary, Edwin W. Bryant. 

Principal Office, St. Louis. 
Attorney to accept service, George O. Carpenter, Boston. 



Income. 

Total premium income, 

Cash received for interest on stocks, bonds and loans, . 

for interest on other debts due the company, 
as discount on claims paid in advance, . 
for rents of company's property, 
for profits on bonds, stocks or gold sold, 



Total income, 

Net or ledger assets, December 31, 1874, 



Total, 



$1,323,870 76 

, 266,638 19 

598 40 

308 66 

10,809 47 

5,131 75 

$1,607,357 23 
. 4,420,210 41 

$6,027,567 64 



Disbursements. 
Cash paid for losses and additions, .... 

Premium notes or loans used in payment of same, 
Cash paid for matured endowments and additions, 
Premium notes or loans used in payment of same, 

Gross amount paid for losses and endowments, 
Received for losses and claims on policies reinsured, . 

Net amount paid for losses and endowments, 

Cash paid to annuitants, 

for surrendered policies, .... 

Premium notes or loans used in purchase of surrendered 
policies and voided by lapse, 

Cash surrender values, including reconverted additions ap- 
plied in payment of premiums, 

Cash dividends paid policy-holders, $5,221.74; applied in 
payment of premiums, $16,057.11, .... 

Premium notes or loans used in payment of dividends, 



$566,383 21 

24,705 72 

4,409 93 

1,452 07 



$596,950 93 
18,000 00 



$578,950 93 

272 80 

195,694 07 

553,711 40 

183,720 00 

21,278 85 
40,508 56 



Total paid policy-holders, 



,574,136 61 



86 



LIFE INSURANCE COMPANIES [Dec. 31, 



Cash paid for commissions to agents, .... 

for salaries and travelling expenses of agents, 

for medical examiners' fees, . 

for salaries of officers and office employes, 

for taxes and fees, 

for rent, 

for commuting commissions, . 
advanced to officers or agents, 
paid for furniture and office fixtures, 

for advertising, . . . 

for office, agency and incidental expenses, 

Total disbursements, 



Balance, 



Invested in the following : — 

Assets as per Ledger Accounts 

Cost value of real estate, 

Loans on mortgage of real estate (first liens), 
Loans on collateral security (schedule A), . 
Premium notes or loans on policies in force, . 
Cost value of stocks and bonds owned (schedule B), 
Cash in company's office, . . 

Cash deposited in bank, 

Bills receivable, 



Gross ledger assets (as per balance), 
Deduct depreciation from cost of assets, 

Total net or ledger assets, 

Other Assets. 
Interest due and accrued, 
Market value of real estate, over cost, . 
Uncollected premiums on policies in force, 
Deferred premiums on policies in force, 

Total 

Deduct loading (16f per cent.), 

Net am't of uncollected and deferred prem's, 

Total assets per company's books, . 



112137 18 

] 20,433 54 
12,602 42 
64,976 12 
24,647 10 
28,632 88 
19,071 78 
7,670 84 
1,218 0G 
19,128 58 
82,457 10 

82,082,242 21 



$3,945,325 43 



$269,228 27 
2,134,212 48 
123,199 34 
901,270 27 
215,500 75 
6,044 89 
165,467 77 
130,401 66 

$3,945,325 43 
8,003 59 

$3,937,321 84 



85,629 43 
131,802 73 



$67,237 07 
47,968 00 

$115,205 07 
19,205 07 



96,000 00 
$4,250,754 00 



Assets transferred temporarily to Columbia Life Ins. Co.* 
Loans on real estate, $202,234 94 



* This refers to commuted policies, almost all of which are for small amounts of insurance, 
and many are subject to payment of interest on notes, loans or liens for unpaid or forborne 
premiums. This class of policies is transferred temporarily to the Columbia Life Insurance 
Co., for comparison with similar policies of that company on the same life, for the purpose of 
consolidating (with the consent of the assured) all the commuted insurance on one life into 
one policy, to be assumed by the Columbia or the Life Association, as the policy-holder may 
elect. 



1875.] OF OTHER STATES. 87 

Cash, $420 08 

Loans on policies, 874,159 32 

Bills receivable, . . . . . . 130,401 66 

Total, 81,207,216 00 



Total admitted assets, $3,043,538 00 

Liabilities. 

Computed premium reserve or net present 
value of all outstanding policies (Actua- 
ries 1 4 per cent.), $2,810,659 00 

Deduct net value of reinsured risks, . . 34,923 00 

Net premium reserve, .... 82,775,736 00 

Death losses and matured endowments in process of adjust- 
ment, 114,905 00 

All other liabilities; viz., sundry items, 85,601.94; special 
liability to Columbia Life Ins. Co., not computed at time 
of rendering annual statement, 810,000, .... 45,601 94 



Liabilities as to policy-holders, .... 82,936,242 94 
Surplus as regards policy-holders, 107,295 06 



Gross liabilities, 83,043,538 00 

Premium Note Account. 

Premium notes on hand Dec. 31, 1874, . . 01,398,161 59 

Premium notes or loans received during 1875, 131,267 76 

Total, 81,529,429 35 

Used in payment of losses and claims, . . 826,157 79 
of surrendered policies and 

voided by lapse, . . 553,711 40 
of dividends to policy-hold- 
ers, 40,508 56 

Redeemed by maker in cash, .... 7,781 33 

Total, 628,159 08 



Balance note assets, December 31, 1875, .... 0901,270 27 

Exhibit of Policies. 

Policies and Additions in force December 31, 1874. 

Number. Amount. 

Whole-life policies, 3,879 811,789,891 00 

Endowment policies, 5,938 21,209,243 00 

All other policies, 2,183 8,461,595 00 

Policies Issued and Revived in 1875. 

Whole-life policies, 26 49,000 00 

Endowment policies, .... 

All other policies, 

Additions by dividends, .... 



Total number and amount, 



2,916 6,113,832 00 

1,184 2,788,000 00 

729,255 00 



.16,126 851,140,816 00 



88 



LIFE INSURANCE COMPANIES [Dec. 31, 



Policies ceased to be in force during the year. 



Terminated by death, 

by expiry, . 

by surrender, 

by lapse, 

change and decrease, 
Not taken, .... 

Total terminated, 



160 $607,290 00 

10 9,862 00 

254 834,300 00 

2,879 9,333,993 00 

713 3,730,032 00 

1,063 1,994,557 00 

5,079 $16,510,034 00 



Policies in force December 31, 1875. 

Whole-life policies, 3,100 

Endowment policies, 6,164 

All other policies, 1,783 

Reversionary additions, - 



Totals, 



$8,796,691 00 

18,845,741 00 

6,259,095 00 

729,255 00 

11,047 $34,630,782 00 



Schedule A. 
Securities held as Collateral. 

Market value. 

Note secured by deed of trust, . . . $9,500 00 
Policies of company assigned as collateral, . - 

Policy of St. Louis Mutual Life, assigned as 

collateral, - 

First mortgage bond Tallassee Manuf. Co., 
secured by mortgage on property valued at 

$600,000, 

Assignment of bonds and mortgages, . 



Assignment of stock, 



26,864 00 
2,000 00 



Amount loaned. 

$4,000 00 
44,233 07 

3,349 27 



50,000 00 

20,333 00 

1,284 00 

$123,199 34 



Schedule B. 
Stocks and Bonds owned by the 



Missouri state bonds, 
United States coupon bonds, 1881, 
Texas state bonds, . 
Canton school bonds, 
Grayson county (Ky.) bonds, . 
Muhlenburg county (Ky.) bonds, 
Daviess county (Ky.) bonds, . 
South Carolina R. R. bonds, . 
" " state bonds, . 

Tallapoosa county (Ala.) bonds, 
374 shares Tallassee Manuf. Co. stock, 
Empire State Life Ins. Co. stock, . 
Chamber of Commerce Assoc'n stock, 



Company. 

Cost value. Market value. 

$39,782 06 $43,645 00 

17,053 13 18,720 00 

20,400 00 20,400 00 

5,000 00 5,000 00 

85 00 76 00 

377 50 250 00 

700 00 500 00 

7,200 00 7,200 00 

22,965 06 9,768 16 

2,450 00 2,450 00 

4,488 00 4,488 00 

85,000 00 85,000 00 

10,000 00 10,000 00 

$215,500 75 $207,497 16 



1875.] 



OF OTHER STATES. 



89 



MANHATTAN LIFE INSURANCE COMPANY, NEW YORK. 

[Incorporated 1850. Commenced business August 1, 1850.] 

Paid-up Capital, $100,000. 

Henry Stokes, President. Secretary, J. L. Halsey. 

C. Y. Wemple, Vice-President. Actuary, S. N. Stebbins. 

Principal Office, 156 and 158 Broadway. 
Attorney to accept service, J. M. Everett, Boston. 

Income. 

Total premium income, $1,426,103 17 

Cash received for interest on stocks, bonds and loans, . 539,155 58 

for interest on other debts due the company, 37,745 04 

as discount on claims paid in advance, . 485 27 

for profits on bonds, stocks or gold, sold, . 9,458 09 

Collections from suspense account, 9,967 83 

Total income, $2,022,914 98 

Net or ledger assets, December 31, 1874, .... 8,926,397 37 



Total, 



$10,949,312 35 



Disbursements. 

Cash paid for losses and additions, 

Premium notes or loans used in payment of same, 
Cash paid for matured endowments and additions, 
Premium notes or loans used in payment of same, 

Gross amount paid for losses and endowments, . 

Cash paid to annuitants, 

for surrendered policies, 

Premium notes or loans used in purchase of surrendered 

policies and voided by lapse, 

Cash dividends paid policy-holders, applied in payment of 

premiums, 

Premium notes or loans used in payment of dividends, 

Total paid policy-holders, . . . $1,290,384 27 
Cash paid dividends to stockholders, . 

for commissions to agents, .... 
for salaries and travelling expenses of agents, 
for medical examiners 1 fees, 
for salaries of officers and office employes, 

for taxes and fees, 

for rent, 

for commuting commissions, 
for furniture and office fixtures, . 
12 



} 



$673,211 47 
52,862 53 
44,659 04 
15,640 96 

$786,374 00 

4,077 07 

81,149 71 

108,427 98 

294,582 49 
15,773 02 



$55,000 00 

139,215 58 

9,057 00 

70,919 47 

11,181 87 

12,333 33 

3,925 16 

16,843 54 



90 



LIFE INSURANCE COMPANIES [Dec. 31, 

$9,486 41 
2,645 03 



Cash paid for advertising, 

for other items; viz., amount charged non 
ledger assets, 



Total disbursements, $1,620,991 66 



Balance, $9,328,320 69 



Invested in the following : — 

Assets as per Ledger Accounts 

Cost value of real estate, 

Loans on mortgage of real estate (first liens), . 
Loans on collateral security (schedule A), . 
Premium notes or loans on policies in force, 
Cost value of stocks and bonds owned (schedule B), 

Cash in company's office, 

Cash deposited in bank, 



Ledger assets (as per balance) , 



$46,035 83 

5,505,893 67 

904,311 84 

2,180,500 10 

635,710 50 

6,631 57 

49,237 18 

. $9,328,320 69 



Other Assets. 

Interest due and accrued, . . . . . 

Market value of real estate, over cost, ; 
Market value of stocks and bonds, over cost, 

Uncollected premiums on policies in force, . $348,141 69 

Deferred premiums on policies in force, . 121,257 41 



183,281 49 

1,964 17 

87,239 25 



Total, 

Deduct loading (15 per cent.), 

Net am't of uncollected and deferred prem's, 

Furniture, fixtures and supplies, . 

P. O. stamps, 



$469,399 10 
70,409 87 



Total assets per company's books, 

Items not Admitted. 
Furniture, fixtures and supplies, . 

Total admitted assets, . . , . 



398,989 23 

10,000 00 

148 51 

$10,009,943 34 



10,000 00 
. $9,999,943 34 



Liabilities. 

Computed premium reserve or net present value of all 

outstanding policies (Actuaries' 4 per cent.) , . . .$8,177,227 00 

Death losses and matured endowments in 

process of adjustment, .... $311,652 00 

Claims resisted by the company, . . . 33,000 00 

Due and unpaid on annuity claims, . . 405 00 

Total policy claims, .... 345,057 00 



1875.] 



OF OTHER STATES. 



91 



Unpaid dividends of surplus due policy-holders, 
due stockholders, 

Liabilities as to policy-holders, 
Surplus as regards policy-holders, . 



$92,038 03 

2,813 65 

^8,617,135 68 

1,382,807 66 



Gross liabilities, $9,999,943 34 



Premium Note Account. 

Premium notes on hand Dec. 31, 1874, . . $2,279,736 08 
Premium notes or loans received during 1875, 122,254 34 

Total, ' $2,401,990 42 

Used in payment of losses and claims, . . $68,503 49 
of surrendered policies and 

voided by lapse, 
of dividends to policy-hold- 
ers, 

Redeemed by maker in cash, 
Notes sent to agents for collection, 

Total, 221,490 32 



108,427 98 

15,773 02 
13,922 69 
14,863 14 



Balance note assets, December 31, 1875, 



. $2,180,500 10 



Exhibit of Policies. 

Policies and Additions in force December 31, IS 74. 

Number. Amount. 

Whole-life policies, 11,272 $37,117,104 00 

Endowment policies, 1,703 4,030,950 00 

All other policies, 50 115,365 00 

Reversionary additions, - 124,223 00 



New Policies Issued in 1875. 



Whole-life policies, . 
Endowment policies, 

Additions by dividends, . 

Total number and amount, 

Policies ceased to be 

Terminated by death, 

by surrender, 
by purchase, 
by change, . 

Not taken, 



1,220 
172 



3,632,726 00 
384,121 00 

4,145 00 



. 14,417 $45,408,634 00 



m 



force during the year. 

. 224 

. 847 

. 172 

. 235 

. 176 



$786,374 00 

2,580,796 00 

545,233 00 

792,722 00 

619,646 00 



Total terminated, 



. 1,654 $5,324,771 00 



92 



LIFE INSURANCE COMPANIES [Dec. 31, 



Policies in force December 31, 1875. 

Whole-life policies, 11,086 

Endowment policies, 1,630 

All other policies, 47 

Reversionary additions, 



836,089,794 00 

3,761,822 00 

110,365 00 

121,882 00 



Totals, 12,763 $40,083,863 00 



896 shares Butchers and Drovers 1 Bank, 



400 " Citizens 1 Bank, . 
16 " Merchants 1 Exchange Bank, 
20 " Metropolitan Bank, 
45 " Bank of the Republic, 
100 " Third Avenue R. R., . 
60 " Citizens 1 Bank, . 
300 " Citizens 1 Fire Ins. Co., 
100 " People's Bank, . 
40 " Bank of Commerce, . 
89 " Manhattan Co., . 
175 " Shoe and Leather Bank, 
United States 5-20 bond, . 

8 shares Bank of Commerce, . 

1,500 " N. Y. C. and H. R. R. R., 

850 " Harlem R. R., . 

100 " Albany and Susquehanna R 

106 " Union Trust Co., . 

United States cy. bonds, 6s, . 

220 shares Brooklyn Gas Co., 

Lake Shore R. R. bonds, . 

300 shares Harlem Gas Co., . 

100 " N. Y., N. H. and Hart. R. R 

United States bond, . . 

United States 5-20 bond, . 

100 shares Lake Shore R. R., 

40 " Citizens 1 Bank, . 

20 " Union Trust Co.,. 

390 " Citizens 1 Bank, . 

31 " Eighth Avenue R. R., . 

200 " N. Y. C. and H. R. R. R., 

37 " Continental Bank, 

400 " N. Y. C. and H. R. R. R., 

450 •' Lake Shore R. R., 

New Jersey Steamboat Co., . 

100 shares People's Bank, 
Harlem R. R. bonds, 
1,000 shares Lake Shore R. R., 



Schedule A. 

Securities held as Collateral. 

Market value. 

828,112 00 
12,600 00. 



R., 



832 00 

2,640 00 

4,275 00 

14,100 00 

1,890 00 

10,500 00 

3,562 50 

4,960 00 

6,897 50 

26,425 00 

242 00 

992 00 

159,000 00 

57,115 50 

10,350 00 

13,780 00 

976 00 

13,750 00 

15,000 00 

20,550 00 

14,700 00 

3,660. 00 

1,210 00 

6,200 00 

1,260 00 

2,600 00 

12,285 00 

4,808 00 

21,200 00 

3,404 00 

42,400 00 

27,900 00 

7,000 00 

3,562 50 

67,500 00 

62,000 00 



Amount loaned. 

$37,000 00 

6,640 73 

18,800 00 
11,500 00 



> 



} 



17,500 00 


200 00 


750 00 


200,000 00 


800 00 


6,000 00 


12,000 00 


25,000 00 


3,000 00 


900 00 



9,200 00 

11,000 00 

17,000 00 

21,000 00 
27,000 00 

2,500 00 
40,000 00 
47,000 00 



1875.] 



OF OTHER STATES. 



93 



United States 5-20 bonds, 

Lake Shore R. R. bonds, .... 

400 shares N. Y. C. and IT. R. R. R., . 

100 " Lake Shore R. R., 

United States bond, 

Brooklyn water loan, .... 
Westchester co. bonds, .... 

749 shares Butchers and Drovers' Bank, 
Third Avenue R. R. bond, 

300 shares Harlem R. R., preferred, 
10 " N. Y. Guar, and Indemnity Co., 
N. Y. Central R. R. bonds, . 

Jersey city bonds, 

United States 5-20 bonds, 

Lake Shore R. R. bonds, .... 

3,200 shares Lake Shore R. R., 

100 " N. Y. C. and H. R. R. R., . 

630 " Western Union Co., . 



$1,220 00 
1,000 00 

42,400 00 

6,200 00 

610 00 

1,030 00 

15,300 00 

23,499 88 
5,000 00 

20,700 00 
1,000 00 
2,120 00 
1,060 00 
9,680 00 
110,000 00 
198,400 00 

10,600 00 

46,305 00 



$1,000 00 

600 00 

29,000 00 

5,000 00 

900 00 

36,000 00 

4,000 00 
17,321 11 

1,800 00 

900 00 

8,000 00 

85,000 00 

200,000 00 



.,186,363 88 $904,311 84 



SCHEULE B. 

Stocks and Bonds owned by the Company. 

Cost value. 

United States bonds, $412,433 75 

Virginia state bonds, . . . . . 4,500 00 

New York state bounty bonds, . . . 100,203 75 

New York city bounty fund redemp. bonds, . 8,613 00 

Brooklyn Public Park Loan, .... 100,500 00 

100 shares Bank of Commerce, N. Y., . . 9,460 00 



Market value. 

$477,135 25 

6,279 50 

108,000 00 

9,135 00 

110,000 00 

12,400 00 



$635,710 50 $722,949 75 



METROPOLITAN LIFE INSURANCE COMPANY, NEW YORK. 

[Incorporated June, 1866. Commenced business January, 1867.] 
Paid-up Capital, #200,000. 

Joseph S. Knapp, President. Secretary, Robert A. Granniss. 

John R. Hedgeman, Vice-President. Actuary, Wm. P. Stewart. 

Principal Office, 319 Broadway. 

Attorney to accept service, Chaplin G. Tyler, Wakefield. 

Income. 

Total premium income, §954,552 04 

Cash received for interest on stocks, bonds and loans, . . 88,243 34 

for interest on other debts due the company, . 18,380 96 

Total income, $1,061,176 34 

Net or ledger assets, December 31, 1874, .... 1,521,894 80 

Total, $2,583,071 14 



94 



LIFE INSURANCE COMPANIES [Dec. 31, 



Disbursements. 

Cash paid for losses and additions, .... 
Premium notes or loans used in payment of same, 
Cash paid for matured endowments and additions, 
Premium notes or loans used in payment of same, 



$279,692 91 

3 •>' 

\$lb 00 

725 00 



Gross amount paid for losses and endowments, . . $288,556 18 

Cash paid for surrendered policies, 138,072 80 

Premium notes or loans used in purchase of surrendered 

policies and voided by lapse, 112,196 34 

Cash dividends paid policy-holders, applied in payment of 

premiums, 80,919 68 

Premium notes or loans used in payment of dividends, . 14,594 24 



Total paid policy-holders, 



$634,339 24 



Cash paid for dividends to stockholders, 

for commission to agents, .... 
for salaries and travelling expenses of agents, 
for medical examiners' fees, .... 
for salaries of officers and office employes, . 
for taxes and fees, ...... 

for rent, 

for advertising, ...... 

for office, agency and incidental expenses, . 



Total disbursements, 



Balance, 



$7,000 00 
99,814 97 
13,519 73 
14,897 87 
35,522 94 

9,486 33 
11,488 35 

9,229 15 
25,301 49 

. $860,600 07 

$1,722,471 07 



Invested in the following : — 

Assets as per Ledger Accounts. 

Cost value of real estate, 

Loans on mortgage of real estate (first liens), 

Loans on collateral security (schedule A), . 

Premium notes or loans on policies in force, . 

Cost value of stocks and bonds owned (schedule B), 

Cash in the company's office, 

Cash deposited in bank, 

Furniture, fixtures, etc., $15,778.30 ; commuted commissions, 
§48,342.69 ; agency supplies, $4,000 ; advances to 
agents, $14,490.59, 

Agents' ledger balances, 

Ledger assets (as per balance), .... 

Other Assets. 

Interest due and accrued, 

Market value of stocks and bonds, over cost, 



? 165,150 00 

612,250 00 

60,610 91 

374,969 68 

318,000 00 

5,030 19 

34,220 15 



82,611 58 
69,628 56 

,722,471 07 



$23,364 74 
43,355 00 



1875.] 



OF OTHER STATES. 



95 



Uncollected premiums on policies in force, 
Deferred premiums on policies in force, . 

Total, 

Deduct loading (15 per cent), 

Net am't of uncollected and deferred prem's, 

Total assets per company's books, . 

Items not Admitted. 

Furniture and fixtures, . 
Commuted commissions, . 
Cash advanced to agents, 
Agents' balances, 
Agency supplies, stationery, etc., 
Total, .... 

Total admitted assets, 



$211,247 07 
185,410 83 

$396,657 90 
59,498 68 



- $337,159 22 
$2,126,350 03 



$15,778 30 

48,342 69 

14,490 59 

69,628 56 

4,000 00 



- 152,240 14 
$1,974,109 89 



Liabilities. 

Computed premium reserve or net present 
value of all outstanding policies (Actua- 
ries' 4 per cent.) , 

Deduct net value of reinsured risks, 

Net premium reserve, .... 



.,828,126 00 . 
1,308 00 
$1,826,818 00 



Death losses and matured endowments in process of adjust- 
ment, 

Unpaid dividends of surplus due policy-holders, . 

Due for salaries, rent and office expenses, . 

All other liabilities : premiums paid in advance, and reserve 
on policies liable to restoration, 

Liabilities as to policy-holders, $ 

Surplus as regards policy-holders, 

Gross liabilities, i 



33,000 00 
2,194 00 
1,200 00 

7,221 93 

,870,433 93 
103,675 96 

,974,109 89 



Premium Note Account. 

Premium notes on hand December 31, 1874, . $461,177 13 

Premium notes or loans received during 1875, 48,171 40 

Total, $509,348 53 

Used in payment of losses and claims, . . $7,588 27 
of surrendered policies and 

voided by lapse, . . 112,196 34 
of dividends to policy-hold- 
ers, 14,594 24 

Total, 134,378 85 



Balance note assets, December 31, 1875,. 



. $374,969 68 



96 



LIFE INSURANCE COMPANIES [Dec. 31, 



Exhibit of Policies. 

Policies and Additions in force December 31, 1874. 

Number. Amount. 

Whole-life policies, 16,742 $25,499,081 00 

Endowment policies, 2,203 1,857,297 00 

All other policies, 27 28,767 00 

New Policies Issued in 1875. 

Whole-life policies, 4,525 6,499,221 00 

Endowment policies, 106 62,917 00 

All other policies, 1 805 00 

Old Policies Revived during the year. 

Whole-life policies, 155 233,087 00 

Endowment policies, 43 40,416 00 

Total number and amount, .... 23,802 $34,221,591 00 

Policies ceased to be in force during the year. 

Terminated by death, 

by maturity, 

by surrender, 

by lapse, 

by change and decrease, 
Not taken, 

Total terminated, 

Policies in force December 31, 1875. 

Whole-life policies, 15,705 $23,716,218 00 

Endowment policies, 1,715 1,370,803 00 

All other policies, 21 20,066 00 

Totals, 17,441 $25,107,087 00 

Schedule A. 
Securities held as Collateral. 



. 206 


$293,707 00 


2 


2,000 00 


. 1,578 


1,927,053 00 


. 2,888 


4,130,183 00 


. ■ . 940 


1,600,510 00 


747 


1,161,051 00 


. 6,361 


$9,114,504 00 



King's co. improvement bonds, 7s, 
Brooklyn Public Park bonds, 7s, . 
Brooklyn Bushwick Avenue bonds, 7s, 



Market value. Amount loaned. 

$15,120 00 $13,000 00 



46,200 00 
7,350 00 



41,110 91 
6,500 00 



$68,670 00 $60,610 91 

Schedule B. 

Slocks and Bonds owned by the Company. 

Tar value.* Market value. 

United States 5-20 bonds (gold), 6s, . . $141,000 00 $169,200 00 

" bonds, 6s, 22,000 00 27,005 00 



* Cost value, $318,000. 



1875.] 



OF OTHER STATES. 



97 



Brooklyn city (N. Y.) bonds, 7s, 
King's county (N. Y.) bonds, 7s, 
Rochester city (N. Y.) bonds, 7s, 
Peekskill (N. Y.) water bonds, 7s, 
New York city bonds, 7s, 



$42,000 00 
25,000 00 
38,000 00 
25,000 00 
25,000 00 



$45,615 00 
27,000 00 
40,660 00 
26,250 00 
25,625 00 



$318,000 00 $361,355 00 



MUTUAL LIFE INSURANCE COMPANY, NEW YORK. 

[Incorporated 1843. Commenced business February 1, 1843.] 

F. S. Winston, President. Secretary, J. M. Stuart. 

R. A. McCurdy, Vice-President. Actuary, W. H. C. Bartlett. 

Principal Office, New York. 
Attorney to accept service, Amos D. Smith, 3d, Boston. 



Income. 

Total premium income, 

Cash received for interest on stocks, bonds and loans, 

for rents of company's property, . 

for profits on bonds, stocks or gold sold, 



Total income, 

Net or ledger assets, December 31, 1874, 



Total, 



$15,731,970 49 

. 4,580,308 69 

48,796 00 

39,893 47 

$20,400,968 65 

. 69,157,411 31 

,558,379 96 



Disbursements. 
Cash paid for losses and additions, 

for matured endowments and additions, 

Gross amount paid for losses and endowments, 

Cash paid to annuitants, 

for surrendered policies and additions, 
Cash dividends paid policy-holders, 

Total paid policy-holders, . . . $12,674,893 

Cash paid for commissions to agents, . 
for medical examiners' fees, . 
for salaries of officers and office employes, 
for taxes and fees, .... 

for commuting commissions, ; 

for advertising, 

for office, agency and incidental expenses, 

Total disbursements, ..... 

Balance, 



34 



$3,722,176 55 

662,906 73 

$4,385,083 28 

31,659 43 

4,718,486 96 

3,539,663 67 



$482,357 38 
39,180 53 

328,017 09 
90,057 64 

280,007 71 
39,292 43 

209,650 42 

$14,143,456 54 
$75,414,923 42 



13 



98 



LIFE INSURANCE COMPANIES [Dec. 31, 



Invested in the following : — 

Assets as per Ledger Accounts. 

Cost value of real estate, 

Loans on mortgage of real estate (first liens), 

Cost value of stocks and bonds owned (schedule A), 

Cash deposited in bank, 

Agents' ledger balances, ..... 

Ledger assets (as per balance), 

Other Assets. 

Interest due and accrued, 

Market value of real estate, over cost, . 

of stocks and bonds, over cost, 
Uncollected premiums on policies in force, . 
Deferred premiums on policies in force, 



$3,322,655 41 

60,071,189 91 

8,160,670 00 

3,850,255 76 

10,152 34 



$75,414,923 42 



. $1,177,105 25 
250,000 00 
844,301 13 



$111,369 50 
1,032,495 41 



Total, $1,143,864 91 

Deduct loading (25 per cent), . . 285,966 23 
Net am't of uncollected and deferred prem's, 

Total assets per company's books, 

Items not Admitted. 



857,898 68 



$78,544,228 48 



Agents' balances, . 

Total admitted assets, 



10,152 34 



$78,534,076 14 



Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (Actuaries' 4 per cent.), . . $73,085,128 00 
Death losses and matured endowments in process of adjust- 

652,245 85 

182,000 00 

30,179 78 



ment, 

Claims resisted by the company, . 

All other liabilities : premiums paid in advance, 

Liabilities as to policy-holders, 
Surplus as regards policy-holders, 



Gross liabilities, 



$73,949,553 63 
. 4,584,522 51 

$78,5^4,076 14 



Estimated surplus accrued on tontine or 
other policies, the profits upon which are 
especially reserved for that class of poli- 
cies, 



$58,895 10 



Exhibit of Policies. 

Policies and Additions in force December 31, 1874. 

dumber. Amosai. 

Whole-life policies, 70,908 $226,469,082 00 

Endowment policies, ...... 19,864 51,004,731 00 

All other policies, 143 162,720 00 



1875.] 



Whole-life policies, . 
Endowment policies, 
All other policies, . 



OF OTHER STATES. 

New Policies Issued in 1875, 



99 



Old Policies Revived during the year. 



. 7,136 $21,046,897 00 

. 1,478 3,374,395 00 

6 3,825 00 



Whole-life policies, .... 

Endowment policies, 

All other policies, .... 

Old policies changed during the year, 
Additions by dividends, . 

Total number and amount, 



987 


3,087,115 00 


230 


563,250 00 


5 


4,100 00 


1 


1,540 00 


- 


24,775,471 00 



100,758 $330,493,126 00 



Policies ceased to be in force during the year. 



Terminated by death, 

by maturity, . 

by expiry, . 

by surrender, 

by lapse, 

by change and decrease, 
Not taken, 

Total terminated, ' . 



1,074 $3,438,095 00 

190 576,145 00 

4 7,290 00 

3,114 10,300,666 00 

3,085 8,183,499 00 

1 180,390 00 

897 2,749,820 00 

8,365 $25,435,905 00 



Policies in force December 31, 1875. 

Whole-life policies, 72,885 $252,057,857 00 

Endowment policies, 19,369 52,825,849 00 

All other policies, 139 173,515 00 



Totals, 92,393 $305,057,221 00 

Schedule A. 

Stocks and Bonds owned by the Company. 

Par value.* Market value. 

5,348,550 00>| 



United States bonds, 
New York state bounty bonds, 
Cherry Valley (N. Y.) town bonds, 
Yonkers (N. Y.) town bonds, 
N. Y city and county bonds, . 
Buffalo city (N. Y.) bonds, 
Elmira city (N. Y.) bonds, 



500,000 00 

50,000 00 

20,000 00 \ 

2,405,000 00 

140,500 00 

30,000 00 J 



5,494,050 00 $9,004,971 13 



* Cost value, $8,160,670. 



100 



LIFE INSURANCE COMPANIES [Dec. 31, 



MUTUAL BENEFIT LIFE INSURANCE COMPANY, NEWARK, N. J. 

[Incorporated January 31, 1845. Commenced business April, 1845.] 

Lewis C. Grover, President. Secretary, Edward A. Strong. 

James B. Pearson, Vice-President. Actuary, B. J. Miller. 

Principal Office, 752 Broad Street. 

Attorney to accept service, James B, Niver, Boston. 

Income, 

Total premium income, . $4,756,486 27 

Cash received for interest on stocks, bonds and loans, . 1,990,470 87 

as discount on claims paid in advance, . . 1,679 92 

for rents of company's property, . . . 3,350 00 

Total income, $6,751,987 06 

Net or ledger assets, December 31, 1874, . . . .29,661,929 41 

Total, $36,413,916 47 



Disbursements. 

Cash paid for losses and additions, . . . ' . . $1,836,695 19 

Premium notes or loans used in payment of same, . . 134,411 59 

Cash paid for matured endowments and additions, . . 98,963 46 

Premium notes or loans used in payment of same, . . 23,036 54 

Gross amount paid for losses and endowments, . . $2,093,106 78 

Cash paid to annuitants, 1,851 44 

for surrendered policies, 253,230 03 

Premium notes or loans used in purchase of surrendered 

policies and voided by lapse, 162,723 91 

Cash surrender values, including reconverted additions ap- 
plied in payment of premiums, 153,565 22 

Cash dividends paid policy-holders, $174,680.80 ; applied in 

payment of premiums, $2,357,394.01, .... 2,532,07481 

Premium notes or loans used in payment of dividends, . 330,438 49 

Total paid policy-holders, . . . $5,526,990 68 

Cash paid for commissions to agents, $358,899 26 

for medical examiners' fees, .... 27,996 81 

for salaries of officers and office employes, . . 79,054 75 

for taxes and fees, 116,041 77 

for office, agency and incidental expenses, . . 114,748 94 



Total disbursements, 



. $6,223,732 21 



Balance, 



$30,190,184 26 



1875.] 



OF OTHER STATES. 



101 



Invested in the following : — 

Assets as per Ledger Accounts 

Cost value of real estate, 

Loans on mortgage of real estate (first liens), 

Premium notes or loans on policies in force, 

Par value of stocks and bonds owned (schedule A), 

Cash in company's office, 

Cash deposited in bank, 

Agents 1 ledger balances, 

Ledger assets (as per balance), 



$235,353 64 

12,821,812 20 

5,843,852 88 

10,675,255 63 

21,833 73 

542,085 22 

49,990 96 

$30,190,184 26 



Other Assets. 

Interest due and accrued, .... 
Market value of stocks and bonds, over par, 
Uncollected premiums on policies in force, 
Deferred premiums on policies in force, 

Total, 

Deduct loading (20 per cent.), 

Net ain't of uncollected and deferred prem's, 

Total assets per company's books, . 



$160,783 31 

91,977 81 

$252,761 12 

50,552 22 



$642,065 73 
316,210 00 



202,208 90 
$31,350,668 89 



Items not Admitted. 
Agents' balances, 

Total admitted assets, .... 



49,990 96 



$31,300,677 93 



Liabilities. 

Computed premium reserve or net present value of all 

outstanding policies (Actuaries' 4 per cent.), . . $27,780,768 00 

Death losses and matured endowments in 
process of adjustment, ... . . $497,389 00 

Claims resisted by the company, . . . 44,000 00 

Total policy claims, .... ^41,389 00 

Unpaid dividends of surplus due policy-holders, . . . 363,534 83 



Liabilities as to policy-holders, 
Surplus as regards policy-holders, 

Gross liabilities, . 



$28,685,691 83 
; 12,614,986 10 



$31,300,677 93 



Premium Note Account. 

Premium notes on hand Dec. 31, 1874, 

Used in payment of losses and claims, . . $157,448 13 
of surrendered policies and 

voided by lapse, . . 162,723 91 
of dividends to policy-hold- 
ers, 330,438 49 



1,967,097 11 



102 



LIFE INSURANCE COMPANIES [Dec. 31, 

. $472,633 70 



Redeemed by maker in cash, 
Total, 



Balance note assets, Dec. 31, 1875, 



- * 1,1 23,244 23 
. 85,843,852 88 



Exhibit of Policies. 

Policies and Additions in force December 31, 1874. 

Number, Amount. 

Whole-life policies, 38,069 $122,7*5,029 00 

Endowment policies, . . . . . 3,194 9,04:;, 452 00 
All other policies, 40 152,600 00 



New Policies Issued in 1875. 

Whole-life policies, 4,233 

Endowment policies, 384 

All other policies, 20 



Old Policies Revived during the year. 



Whole-life policies, . 
Endowment policies, 



20 

2 



Old Policies increased during the year. 



Whole-life policies, . 
Endowment policies, 

Total number and amount, 



11,455,190 00 

925,770 00 

59,600 00 



75,500 00 
7,500 00 



19,300 00 
6,685 00 



.45,964 $144,531,226 00 



Policies ceased to be in force during the year. 



Terminated by death, 


. 582 


$1,944,916 00 


by expiry, 


26 


127,000 00 


by surrender, .... 


. 248 


771,571 00 


by lapse, 


. 1,152 


3,263,333 00 


by change and decrease, 


. 471 


3,061,753 00 


Not taken, ....... 


. 470 


1,258,550 00 


Total terminated, . . . 


. 2,949 


$10,427,123 00 


Policies in force December 31, 


1875. 




Whole-life policies, 


.39,679 §125,212,078 00 


Endowment policies, 


. 3,291 


8,736,825 00 






155,200 00 




. 43,015 


$134,104,103 00 



Schedule A. 

Stocks and Bonds owned by the Company. 

Par value.* Market value. 

United States bonds, $1,505,500 00 f 1,821,710 00 

Brooklyn city bonds, 65,000 00 65,000 00 

Albany city bonds, 25,000 00 25,000 00 



* Cost value not given. 



1875.] 



OF OTHER STATES. 



103 



Utica city bonds, . 

Auburn city bonds, 

Newark city bonds 

Newark city aqueduct bonds, 

Elizabeth city bonds, . 

Rahway city bonds, 

Jersey city bonds, 

New Brunswick city bonds, 

Orange county bonds, . 

Springfield (111.) city bonds, 

Dayton (Ohio) city bonds, . 

Cleveland (Ohio) city bonds, 

Toledo (Ohio) city bonds, . 

Cincinnati (Ohio) city bonds, 

Erie (Penn.) city bonds, 

South Bend (Ind.) city bonds, 

Lafayette (Ind.) city bonds, 

West Orange (N. J.) township bonds, 

East Orange (N. J.) township bonds, . 

Union county (N. J.) township bonds, 

Essex county (N. J.) township bonds, 

Mass. state bonds 



$145,000 00 

150,000 00 

900,000 00 

2,494.000 00 

547,000 00 

169,000 00 

50,000 00 

64,000 00 

40,000 00 

89,000 00 

130,000 00 

621,000 00 

173,000 00 

500,000 00 

152,000 00 

61,500 00 

160,000 00 

123,000 00 

196,455 63 

166,000 00 

2,148,000 00 

800 00 



$145,000 00 

150,000 00 

900,000 00 

2,494,000 00 

547,000 00 

169,000 00 

50,000 00 

64,000 00 

40,000 00 

89,000 00 

130,000 00 

621,000 00 

173,000 00 

500,000 00 

152,000 00 

61,500 00 

160,000 00 

123,000 00 

196,455 63 

166,000 00 

2,148,000 00 

800 00 



$10,675,255 63 $10,991,465 63 



NATIONAL LIFE INSURANCE COMPANY, MONTPELIER, VT. 

[Incorporated November 13, 1848. Commenced business February 1, 1850.] 

Julius Y. Dewey, President. Secretary, George W. Reed. 

Charles Dewey, Vice-President. Actuary, Edward Dewey. 

Principal Office, Montpelier. 
Attorney to accept service, James T. Phelps, Boston. 



Income. 

Total premium income, 

Cash received for interest on stocks, bonds and loans, . 

for interest on other debts due the company, 
as discount on claims paid in advance, . 
for rents of company's property, 



Total income, 

Net or ledger assets, December 31, 1874, 



$292,344 40 

107,325 46 

1,044 58 

146 72 
1,087 34 

. $401,948 50 
. 1,599,957 08 



Total, 



$2,001,905 58 



104 



LIFE INSURANCE COMPANIES [Dec. 31, 



Disbursements. 

Cash paid for losses and additions, 

Premium notes or loans used in payment of same, 
Cash paid for matured endowments and additions, 

Gross amount paid for losses and endowments, 
Cash paid for surrendered policies, .... 
Premium notes or loans used in purchase of surrendered 

k policies and voided by lapse, 

Cash dividends paid policy-holders, .... 
Premium notes or loans used in payment of dividends, 



Total paid policy-holders, 



8181,330 11 



Cash paid for commissions to agents, .... 
for salaries and travelling expenses of agents, 
for medical examiners' fees, . 
for salaries of officers and office employes, 

for taxes and fees, 

for rent, 

for advertising and printing, . 

for office, agency and incidental expenses, 



Total disbursements, 



Balance, 



. $97,204 51 


236 44 


7,000 00 


. $ 104,440 95 


23,293 02 


1,609 95 


49,379 80 


2,606 39 



827,022 91 
4,509 12 
2,544 00 
10,214 92 
1,213 16 
2,060 80 
1,904 21 
1,941 87 



8232,741 10 
81,769,164 48 



Invested in the following : — 

Assets as per Ledger Accounts. 

Cost value of real estate, $18,742 30 

Loans on mortgage of real estate (first liens), . . . 833,571 92 

Loans on collateral security (schedule A), . . . 16,000 00 

Loans on company's policies assigned as collateral, . . 6,850 67 

Premium notes or loans on policies in force, .... 31,935 01 

Cost value of stocks and bonds owned (schedule B), . . 758,550 00 

Cash in company's office, 1,409 06 

Cash deposited in bank, 49,542 46 

Agents' ledger balances, 50,434 01 

Vermont Mutual Fire Ins. Co.'s acceptances, $2,084.05 ; 

postage stamps, $45, 2,129 05 



Ledger assets (as per balance), 



$1,769,164 48 



Other Assets. 
Interest due and accrued, . 
Market value of stocks and bonds, over cost, 
Uncollected premiums on policies in force, . 
Deferred premiums on policies in force, 



$4,911 90 
20,639 50 



54,384 10 
52,194 77 



Total, 



$25,551 40 



1875.] OF OTHER STATES. 105 

Deduct loading (20 per cent.), . . . $5,110 30 

Net am't of uncollected and deferred prem's, $20,441 10 

Total assets per company's books, .... $1,896,184 45 

Items not Admitted. 

Agents' balances, . ./ 50,434 01 



Total admitted assets, $1,845,750 44 

Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (Actuaries' 4 per cent.), . . . $1,241,551 00 

Death losses and matured endowments in process of adjust- 
ment, 11,500 00 

Unpaid dividends of surplus due policy-holders, . . . 24,798 84 

All other liabilities : over-payments by policy-holders, . . 10,000 00 

Liabilities as to policy-holders, .... $1,287,849 84 
Surplus as regards policy-holders, 557,900 60 

Gross liabilities, $1,845,750 44 

Premium Note Account. 

Premium notes on hand Dec. 31, 1874, . . $31,377 71 
Premium notes or loans received during 1875, 

Total, 

Used in payment of losses and claims, . 

of surrendered policies and 

voided by lapse, 
of dividends to policy-hold- 
ers, 

Total, 

Balance note assets, December 31, 1875, . 

Exhibit of Policies. 

Policies and Additions in force December 31, 1874. 

Number. Amount. 

Whole-life policies, 4,081 $8,964,130 00 

Endowment policies, 319 527,051 00 

All other policies, 22 70,500 00 

Reversionary additions, - 76,017 00 

New Policies Issued in 1875. 

Whole-life policies, 675 1,492,250 00 

Endowment policies, 7 14,000 00 

All other policies, 13 73,500 00 

14 



5,010 08 






$36,387 79 


$236 44 


1,609 95 




2,606 39 






4,452 78 




• . • 


$31,935 01 



106 



LIFE INSURANCE COMPANIES [Dec. 31, 



Old Policies Revived during the year. 

Whole-life policies, 8 

Endowment policies, 1 

Additions by dividends, - 

Total number and amount, 



$7,170 00 
400 00 

2,258 00 



5,126 $11,227,276 00 



Policies ceased to be in force during the year, 



Terminated by death, 40 


$97,441 00 


by maturity, 7 


7,000 00 


by expiry, 1 


5,000 00 


by surrender, 152 


360,153 00 


by lapse, 222 


569,000 00 


by change and decrease, ... 2 


111,646 00 


Not taken, 51 


157,500 00 


Total terminated, 475 


$1,307,740 00 


Policies in force December 31, 1875. 




Whole-life policies, 4,320 


$9,233,657 00 


Endowment policies, 302 


495,951 00 


All other policies, 29 


115,500 00 


Reversionary additions, 


74,428 00 


Totals, 4,651 


$9,919,536 00 



Schedule A. 
Securities held as Collateral. 

Market value. 

United States bonds, 6s, f 358 00 

Concord city (N. H.) bonds, .... 1,545 00 

First Nat'l Bank, Montpelier, .... 8,845 00 

Vermont Nat 1 ! Bank of St. Albans, . . 11,160 00 



Amount loaned. 

$300 00 
1,000 00 
5,400 00 
9,300 00 



$21,908 00 816,000 00 



Schedule 
Stocks and Bonds owned 



United States bonds, 6s, . 
Maine state bonds, 6s, 
New Hampshire state bonds, 6s, 
Vermont state bonds, 6s, 
Missouri state bonds, 6s, 
Boston city bonds, 6s, 
Lawrence city bonds, 6s, 
Worcester city bonds, 6s, 
Fitchburg city bonds, 6s, 
Chelsea city bonds, 6s, . 



B. 

by the Company. 

Par value.* 

$207,900 00 
5,000 00 
20,000 00 
30,000 00 
11,000 00 
10,000 00 
20,000 00 
20,000 00 
60,000 00 
30,000 00 



* Cost value, $758,550 



Market value. 

$249,159 77 

5,000 00 

20,000 00 

30,000 00 

11,000 00 

10,000 00 

20,000 00 

20,000 00 

60,000 00 

30,000 00 



1875.] 



OF OTHER STATES. 



107 



Somerville city bonds, 6£s, 
Burlington city bonds, 6s, 
Cleveland city bonds, 7s, 
Columbus city bonds, 8s, 
Cincinnati city bonds, 7 t 3 qS, 
Indianapolis city bonds, 7^, 
St. Paul city bonds, 7s, . 
Hamilton county bonds, 8s, 
St. Louis county bonds, 7s, 
Montpelier town bonds, 7s, 
Essex town bonds, 6s, 
Cambridge town bonds, 6s, 
Jericho town bonds, 6s, . 
Underhill town bonds, 6s, 
First Nat'l Bank, Montpelier, 
Montpelier Nat'l Bank, . 
Bank of St. Albans, Vermont, 



$30,000 00 
60,000 00 

800 00 
25,000 00 
25,000 00 
35,000 00 
10,000 00 
10,000 00 
20,000 00 
30,000 00 
20,000 00 
15,000 00 
22,900 00 
17,000 00 
21,000 00 
2,700 00 

250 00 



$30,000 00 
60,000 00 

800 00 
25,000 00 
25,000 00 
35,000 00 
10,000 00 
10,000 00 
20,000 00 
30,000 00 
20,000 00 
15,000 00 
22,900 00 
17,000 00 
30,450 00 
4,185 00 

250 00 



$758,550 00 $810,744 77 



NATIONAL LIFE INSURANCE COMPANY OF THE UNITED 
STATES OF AMERICA, WASHINGTON, D. C. 

[Incorporated July 25, 1868. Commenced business August 1, 1868.] 

Paid-up Capital, $1,000,000. 

J. V. Farwell, President. Secretary, J. F. Crank. 

L. D. Cortright, Vice-President. Actuary, E. W. Peet. 

Principal Office, Washington, D. C. 

Branch Office, Chicago, III. 

Attorney to accept service, F. E. Long, Boston. 

Income. 

Total premium income, $786,705 45 

Cash received for interest on stocks, bonds and loans, . . 195,525 58 

for interest on other debts due the company, . 368 35 

as discount on claims paid in advance, . . 175 47 

for rents of company's property, . . . 20,266 84 

for profits on bonds, stocks or gold sold, . 17,334 11 

Premiums received for reinsurance, cash, $47,427.39 ; notes, 

$8,250.64, 55,678 03 

Bills payable, 8,960 16 

Total income, $1,085,013 99 

Net or ledger assets, December 31, 1874, .... 3,286,968 96 

Total, $4,371,982 95 



108 



LIFE INSURANCE COMPANIES [Dec. 31, 



Disbursements. 
Cash paid for losses and additions, .... 

Premium notes or loans used in payment of same, 
Cash paid for matured endowments and additions, 

Gross amount paid for losses and endowments, 
Received for losses and claims on policies reinsured, . 

Net amount paid for losses and endowments, 

Cash paid to annuitants, 

for surrendered policies, .... 
Premium notes or loans used in purchase of surrendered 

policies and voided by lapse, 

Cash surrender values, including reconverted additions ap 
plied in payment of premiums, 



Total paid policy-holders, 



$439,831 46 



Cash paid for commissions to agents, .... 
for salaries and travelling expenses of agents, 
for medical examiners 1 fees, . 
for salaries of officers and office employes, 

for taxes and fees, 

for rent, 

for commuting commissions, . 
for furniture and office fixtures, 

for advertising, 

for office, agency and incidental expenses, 

Total disbursements, 



Balance, 



$238,109 60 
876 92 

2,800 00 



$241,846 42 
10,250 00 



$231,596 42 

1,124 00 

69,041 88 

11,540 18 

126,528 98 



$64,706 18 
45,607 59 

8,994 85 
34,217 45 

6,491 57 
10,254 85 
22,298 91 

6,792 54 
13,354 84 
33,296 70 



$685,846 94 
$3,686,136 01 



Invested in the following : — 

Assets as per Ledger Accounts 

Cost value of real estate, 

Loans on mortgage of real estate (first liens) , 

Loans on collateral security (schedule A), . 

Premium notes or loans on policies in force, . 

Cost value of stocks and bonds owned (schedule B), 

Cash in company's office, 

Cash deposited in bank, . 

Bills receivable, 

Agents' ledger balances, . 

Commuted commissions, 

Office furniture, 



Gross ledger assets (as per balance), 
Deduct depreciation in collateral loans, 

Total net or ledger assets, 



$503,597 02 

2,336,964 29 

159,817 80 

62,443 25 

500,212 48 

6,206 63 

42,485 65 

11,543 19 

13,195 58 

46,670 12 

3,000 00 

$3,686,136 01 
14,482 35 

$3,671,653 66 



1875.] 



OF OTHER STATES. 



109 



Other Assets. 

Interest due and accrued, 
Rents due and accrued, .... 
Market value of stocks and bonds, over cost, 
Uncollected premiums on policies in force, 
Deferred premiums on policies in force, 

Total, 

Deduct loading (12-f- per cent.), . 

Net ain't of uncollected and deferred prem's, 

Total assets per company's books, . 



$71,229 87 
90,103 92 

$161,333 79 
19,726 26 



$108,635 35 

3,040 00 

18,542 87 



141,607 53 



1,943,479 41 



Items not Admitted. 



Furniture and fixtures, 
Commuted commissions, 
Agents' balances, 
Bills receivable, 
Total, 



$3,000 00 

46,670 12 

13,195 58 

11,543 19 



74,408 89 



Total admitted assets, 



1,869,070 52 



Liabilities. 

Computed premium reserve or net present 
value of all outstanding policies (Actua- 
ries' 4 per cent.), $3,176,138 00 

Deduct net value of reinsured risks, . . 61,251 00 

Net premium reserve, .... * 

Death losses due and unpaid, . . . . $11,203 40 

Death losses and matured endowments in 

process of adjustment, .... 61,500 00 

Claims resisted by the company, . . . 8,000 00 

Total policy claims, 

All other liabilities ; viz., Premiums paid in advance, 
$14,065.96 ; liability under forfeited policies, $20,826.18 ; 

all other liabilities, $8,960.16, 

Liabilities as to policy-holders, .... & 
Surplus as regards policy-holders, 

Gross liabilities, f 



1,114,887 00 



80,703 40 



43,852 30 

5,239,442 70 
629,627 82 

1,869,070 52 



Premium Note Account. 
Premium notes on hand Dec. 31, 1874, . . $67,382 11 
Premium notes or loans received during 1875, 16,181 66 

Total, $83,563 77 



* As computed by the company (interest at 6 per cent.), $2,290,447. 



110 



LIFE INSURANCE COMPANIES [Dec. 31, 



Used in payment of losses and claims, . 

of surrendered policies and 
voided by lapse, 
Redeemed by maker in cash, .... 
Total, 

Balance note assets, December 31, 1875, . 

Exhibit of Policies. 



$876 92 

11,540 18 
8,703 42 



$21,120 52 
$62,443 25 



Policies and Additions in force December 31, 1874. 



Number. 

Whole-life policies 8,977 

Endowment policies, 1,477 

All other policies, 224 

Return premium, 



Amount. 

$20,284,257 00 

2,243,093 00 

715,144 00 

660,678 00 



New Policies Issued in 1875. 



Whole-life policies, . 
Endowment policies, 
All other policies, . 



Total number and amount, 



in 



Policies ceased to be 
Terminated by death, 

by maturity, . 

by expiry, . 

by surrender, 

by lapse, 

by change and decrease 



Not taken, 

Total terminated, 



. 2,325 4,142,692 00 

. 273 312,560 00 

. 112 364,500 00 

. 13,388 $28,722,924 00 



force during the year. 

Ill 

4 

14 

354 

1,215 

464 

281 



$244,096 00 

2,800 00 

56,500 00 

747,174 00 

2,689,941 00 

1,287,128 00 

753,341 00 

2,443 $5,780,980 00 



Policies in force December 31, 187 5. 

Whole-life policies, . 9,265 

Endowment policies, 1,434 

All other policies, 246 

Return premium, - 



$19,489,362 00 

2,029,988 00 

7*7,144 00 

635,450 00 



Totals, 10,945 $22,941,944 00 



Policies reinsured and transferred, 



35 



Schedule A. 

Securities held as Collateral. 

Market value. 

1,225 shares Excelsior Life Ins. Co., N. Y., . %2'2,'2Sh 45 

Assignment of mortgage on real estate, . 6,305 00 

Life policy assigned, 548 49 

Young Men's C. Assoc'n bonds, . . . 50,000 00 

8 shares Union Savings Bank, . . . 800 00 



$66,802 00 



Amount loaned. 

$36,767 80 

4,000 00 

275 00 

30,000 00 

400 00 



1875.] 



OF OTHER STATES. 



Ill 



Assignment of mortgage, 



50 shares 3d Nat'l Bank, Chicago, 
20 " 1st Nat'l Bank, Nashville, 
4 " Stone River Nat'l Bank, Tenn., 
400 " 111. Staats Zeitung Co., . 



$100,000 00 

40,000 00 

3,200 00 

7,500 00 

2,400 00 

448 00 

50,000 00 



$50,000 00 

10,000 00 

1,575 00 

5,000 00 

1,600 00 

200 00 

20.000 00 



$283,486 94 $159,817 80 



United States bonds, 
Virginia state bonds, 
Mississippi state bonds, . 
Chicago city bonds, . 
Detroit Car Loan Co. stock, 
So. Park (Chicago) certificates, 



Schedule B. 

Stocks and Bonds owned by the Company. 

Cost value. 

$355,230 75 



19,639 26 
16,791 87 
92,000 00 
1,500 00 
15,050 60 



Market value. 

.370,773 62 
19,639 26 
16,791 87 
95,000 00 
1,500 00 
15,050 60 



$500,212 48 $518,755 35 



NEW JERSEY MUTUAL LIFE INSURANCE COMPANY, NEW- 
ARK, N. J. 

[Incorporated March 19, 1863. Commenced business January 1, 1865.] 

Paid-up Capital, $ 100,000. 

J. H. Stedwell, President. 

C. H. Brinkerhoff, Secretary and Actuary. 

Principal Office, Newark. 

Attorney to accept service, Francis S. Dyer, Dedham. 



Income. 

Total premium income, $652,616 75 

Cash received for interest on stocks, bonds and loans, . . 74,468 44 

for interest on other debts due the company, . 4,322 60 

for rents of company's property, . . . 5,446 30 
Premiums received for reinsurance, cash, $126,878.99 ; notes, 

$13,496.24, 140,375 23 



Total income, 

Net or ledger assets, December 31, 1874, 



Total, 



Disbursements. 
Cash paid for losses and additions, .... 
Premium notes or loans used in payment of same, 



. $877,229 32 
. 1,354,359 77 

$2,231,589 09 



78,251 16 
5,721 24 



112 



LIFE INSURANCE COMPANIES [Dec. 31, 



Cash paid for matured endowments and additions, 



$10,330 73 



Gross amount paid for losses and endowments, . . $194,303 13 

Cash paid to annuitants, 1,900 00 

for surrendered policies, 79,061 33 

Premium notes or loans used in purchase of surrendered 

policies and voided by lapse, 27,232 52 

Cash surrender values, including reconverted additions ap- 
plied in payment of premiums, 49,464 66 

Cash dividends paid policy-holders, applied in payment of 

premiums, 32,387 99 

Premium notes or loans used in payment of dividends, . 21,323 06 



Total paid policy-holders, 



$406,272 69 



Cash paid for dividends to stockholders, 

for commissions to agents, .... 

for salaries and travelling expenses of agents, 

for medical examiners 1 fees, .... 

for salaries of officers and office employes, . 

for taxes and fees, 

for rent, 

advanced to agents, 

paid for furniture and office fixtures, . . 

for advertising, 

for incidental expenses, 

Total disbursements, 

Balance, 



$7,000 00 

61,035 27 

8,684 16 

13,654 75 

28,221 71 

5,091 85 

8,914 19 

14,280 40 

2,832 91 

7,724 06 

11,618 30 



$575,330 29 
$1,656,258 80 



Invested in the following : — 

Assets as per Ledger Accounts. 

Cost' value of real estate, 

Loans on mortgage of real estate (first liens), 
Loans on collateral security (schedule A), . 
Loans on policies assigned as collateral, 
Premium notes or loans on policies in force, . 
Market value of stocks and bonds owned (schedule B) 

Cash in company's office, 

Cash deposited in bank, 

Reinsurance due from other companies, 

Agents' ledger balances, 

Ledger assets (as per balance), 



$61,555 54 

703,287 10 

40,000 00 

27,219 59 

414,828 79 

194,484 bb 

7,875 66 

62,828 39 

6,996 01 

137,183 17 

$1,656,258 80 



Other Assets. 

Interest due and accrued, 
Rents due and accrued, . 
Uncollected premiums on policies in force, , 



46,817 18 
1,360 00 



§198,507 16 



1875.] 



OF OTHER STATES. 



113 



Deferred premiums on policies in force, » $103,529 32 

Total, $302,036 48 

Deduct loading (20 per cent), . . . 60,407 30 

Net am't of uncollected and deferred prem's, ■ 

Furniture and fixtures, 

Commuted commissions, 



Total assets per company's books, . 



$241,629 18 
7,651 62 
8,072 45 

$1,961,789 23 



Items not Admitted. 

Furniture and fixtures, $7,651 62 

Commuted commissions, ..... 8,072 45 

Agents 1 balances, 137,183 17 

Total, ' . . 152,907 24 



Total admitted assets, 



$1,808,881 99 



Liabilities. 

Computed premium reserve or net present 
value of all outstanding policies (Actua- 
ries' 4 per cent.), 

Deduct net value of reinsured risks, 
Net premium reserve, 

Death losses due and unpaid, . 

Death losses and matured endowments in 
process of adjustment, 

Claims resisted by the company, . 

Total policy claims, .... 

Liabilities as to policy-holders, 
Surplus as regards policy-holders, . 



Gross liabilities, 



$1,516,958 00 
12,491 00 

i 

$4,500 00 



■$1,504,467 00 



38,500 00 
15,000 00 
58,000 00 



$1,808,881 99 



Premium Note Account. 



Premium notes on hand Dec. 31, 1874, . 
Premium notes or loans received during 1875, . 

Total, 

Used in payment of losses and claims, . 

of surrendered policies and 

voided by lapse, 

of dividends to policy-hold- 

ers, . . > . . 

Redeemed by maker in cash, .... 

Total, 

Balance note assets, December 31, 1875, 
15 



$363,091 50 
134,399 56 

$5,721 24 

27,232 52 

21,323 06 
28,385 45 



$497,491 06 



- 82,662 27 
. $114,828 79 



114 



LIFE INSURANCE COMPANIES [Dec. 31, 



Exhibit of Policies. 

Policies and Additions in force December 31, 1874. 

Number. Amount. 

Whole-life policies, 6,149 $11,645,309 00 

Endowment policies, . . . . . 975 1,777,742 00 

All other policies, 2,238 2,839,620 00 

Reversionary additions, - 16,254 00 

New Policies Issued in 1875. 

Whole-life policies, 1,313 

Endowment policies, 241 

All other policies, 3,581 

Old Policies Revived during the year. 

Whole-life policies, 114 

Endowment policies, 25 

All other policies, 2 

Old Policies increased during the year. 

Whole-life policies, . 
Endowment policies, 
Additions by dividends, . 



Total number and amount, 



Terminated by death, 

by maturity, . 

by surrender, 

by lapse, 

by change and decrease, 
Not taken, 



2,834,629 00 


521,144 00 


6,419,277 00 


292,054 00 


47,361 00 


3,000 00 


2,520 00 


125 00 


18,770 00 



. 14,638 $26,417,865 00 



Policies ceased to be in force during the year. 



84 


$164,007 00 


9 


13,600 00 


680 


1,469,576 00 


2,304 


3,650,069 00 


- 


190,284 00 


806 


1,541,206 00 



Total terminated, 



3,883 $7,028,742 00 



Policies in force December 31, 1875. 

Whole-life policies, 5,713 $11,089,869 00 

Endowment policies, 944 1,847,735 00 

All other policies, 4,098 6,435,265 00 

Reversionary additions, - 16,254 00 



Totals, 10,755 $19,389,123 00 



United States 5-20 bonds, 



Schedule A. 

Securities held as Collateral. 

Market value. Amount loaned. 

. $34,800 00 $30,000 00 
11,600 00 10,000 00 



$46,400 00 $10,000 00 



1875.] 



OF OTHER STATES. 



115 



United States bonds, 
Virginia state bonds, 6s, . 
New York state bonds, . 
Louisiana state bonds, 8s, 
Indiana state bonds, 



Schedule B. 

Stocks and Bonds owned by the Company. 

Par value. 

$143,000 00 



41,800 00 

11,000 00 

10,500 00 

100 00 



Market value. 

$162,130 00 
15,171 25 

11,000 00 

6,075 00 

108 30 



1206,400 00 $194,484 55 



NEW YORK LIFE INSURANCE COMPANY, NEW YORK. 

[Incorporated 1841. Commenced business 1845.] 

Morris Franklin, President. 
Vice-President and Actuary, William H. Beers. 

Principal Office, 346 Broadway, New York. 
Attorney to accept service, D. W. Russell, Boston. 



Income. 

Total premium income, $6,011,227 13 

Cash received for interest on stocks, bonds and loans, 

for interest on other debts due the company, ^ 

as discount on claims paid in advance, / 

for rents of company's property, . . . 60,251 18 

for profits on bonds, stocks or gold sold, . 84,645 60 



1,692,659 94 
33,101 62 



Total income, $7,881,885 47 

Net or ledger assets, December 31, 1874, .... 27,145,777 51 



Total, 



$35,027,662 98 



Disbursements. 

Cash paid for losses and additions, 
Premium notes or loans used in payment of same, 
Cash paid for matured endowments and additions, 
Premium notes or loans used in payment of same, 



$1,529,410 20 

28,904 63 

49,605 70 

253 54 



Gross amount paid for losses and endowments, . . $1,608,174 07 
Received for losses and claims on policies reinsured, in- 
cluding matured endowments, ...... 33,500 00 



Net amount paid for losses and endowments, . . $1,574,674 07 

Cash paid to annuitants, 74,765 91 

for surrendered policies, 1,073,165 25 

Premium notes or loans used in purchase of surrendered 
policies and voided by lapse, 38,576 76 



116 



LIFE INSURANCE COMPANIES [Dec. 31, 



Cash dividends paid policy-holders, $1,244,057 40 

Premium notes or loans used in payment of dividends, . 125,897 55 



Total paid policy-holders, 



. $4,131,136 94 



Cash paid for commissions to agents, .... 

for salaries and travelling expenses of agents, 
for medical examiners' fees, .... 
for salaries of officers and office employes, . 

for taxes and fees, 

for commuting commissions, 

for advertising, 

for office, agency and incidental expenses, . 

Total disbursements, 



Balance, 



$293,458 55 
56,400 00 
45,000 49 
165,928 02 
27,700 48 
2,066 66 
42,590 77 
96,478 38 

. $4,860,760 29 

$30,166,902 69 



Invested in the following : — 



Assets as per Ledger Accounts. 



Cost value of real estate, 

Loans on mortgage of real estate (first liens), . 
Premium notes or loans on policies in force, . . 
Cost value of stocks and bonds owned (schedule A), 
Cash in company's office and deposited in bank, . 

Agents 1 ledger balances, 

Interest due and accrued, 

Rents due and accrued, 

Uncollected premiums on policies in force, gross, 
Deferred premiums on policies in force, gross, . 

Ledger assets (as per balance), 



$1,820,240 53 

17,685,597 50 

885,728 82 

7,154,191 05 

1,768,291 26 

27,111 49 

248,205 86 

8,925 00 

105,341 54 

463,269 64 

$30,166,902 69 



Other Assets. 
Market value of stocks and bonds, over cost, 

Total 

Deduct loading on uncollected and deferred prem's, . 

Total assets per company's books, .... 



479,052 95 

$30,645,955 64 
56,861 11 

$30,589,094 53 



Items not Admitted, 



Agents' balances, 



27,111 49 



Total admitted assets, . 



$30,561,983 04 



1875.] OF OTHER STATES. 117 

Liabilities. 
Computed premium reserve or net present 
value of all outstanding policies (Actu- 
aries' 4 per cent), .... $26,692,47400 
Deduct net value of reinsured risks, . . 164,375 00 

Net premium reserve, ... . . $26,528,099 00 

Matured endowments due and unpaid, . . $4,775 6Q 
Death losses and matured endowments in 

process of adjustment, .... 359,288 00 
Claims resisted by the company, . . . 83,700 00 

Total policy claims, .... 447,763 66 

Liabilities as to policy-holders, .... $26,975,862 66 
Surplus as regards policy-holders, . . . • . . 3,586,120 38 

Gross liabilities $30,561,983 04 

Estimated surplus accrued on tontine or 
other policies, the profits upon which are 
especially reserved for that class of poli- 
cies, $308,138 81 



Premium Note Account. 

Premium notes on hand Dec. 31, 1874, . . $910,049 14 

Premium notes on loans received during 1875, 193,825 44 

Total, $1,103,874 58 

Used in payment of losses and claims, . . $29,158 17 
of surrendered policies and 

voided by lapse, . . 38,576 76 
of dividends to policy-hold- 
ers 125,897 55 

Redeemed by maker in cash, .... 24,513 28 

Total, 218,145 76 



Balance note assets, December 31, 1875, . . . $885,728 82 

Exhibit of Policies. 

Policies and Additions in force December 31, 1874. 

Number. Amount. 

Whole-life policies, 34,846 $101,717,167 00 

Endowment policies, 8,425 19,201,915 00 

All other policies, 127 123,725 00 

Reversionary additions, - 1,792,316 00 

New Policies Issued in 1875. 

Whole-life policies 5,477 16,151,314 00 

Endowment policies, 1,365 3,714,409 00 

All other policies 67 51,000 00 



118 



LIFE INSURANCE COMPANIES [Dec. 31, 



Old Policies Revived during the year. 

Whole-life policies, 106 

Endowment policies, 14 

Old Policies increased during the year. 

Whole-life policies, 

Endowment policies, - 

Additions by dividends, - 



$389,855 00 
36,305 00 



9,391 00 

62,350 00 

1,549,566 00 



Total number and amount, 



.50,427 $144,799,313 00 



Policies ceased to be in force during tlie year. 



Terminated by death, 

by maturity, . 

by expiry, . 

by surrender, 

by lapse, 

by change and decrease, 



Not taken, 

Total terminated, 



528 $1,650,515 00 

21 51,700 00 

7 11,720 00 

1,735 6,706,760 00 

2,652 7,167,935 00 

566,669 00 

823 2,511,895 00 

5,766 $18,667,194 00 



Policies in force December 31, 1875. 
Whole-life policies, . 
Endowment policies, 
All other policies, . 
Reversionary additions, . 



Totals, 



35,937 $104,554,865 00 

8,549 19,433,416 00 

175 149,725 00 

1,994,113 00 



44,661 $126,132,119 00 



Schedule 
Stocks and Bonds owned 



Central Park loan, .... 

Delaware and Hudson Canal stock, 
" " bonds, 

New York city street opening bonds, 
" county bounty bonds, 

" city consolidated bonds, 

" county consolidated bonds, 

Brooklyn city bonds, 

Jersey City bonds, .... 

N. Y. Central and H. R. R. R. bonds, 

N. Y. and Harlem consolidated bonds, 

Yonkers town bonds, 

Flushing water bonds, . 

Rensselaer and Saratoga R.R. bonds, 

Morrisania town bonds, . 

Westchester town bonds, 

West Farms town bonds, 

Merchants 1 Nat'l Bank stock, 



A. 

by the Company. 

Cost value. 

$25,233 75 

69,832 19 

400,000 00 

549,967 10 

41,104 00 

645,596 25 

113,928 75 

563,865 10 

103,375 00 

1,019,382 50 

1,074,075 00 

186,829 16 

77,600 00 

9,519 92 

70,815 00 

5,500 00 

2,525 00 

15,758 75 



Market value. 

$26,250 00 

79,360 00 

442,500 00 

592,415 00 

41,400 00 

698,062 50 

123,187 50 

581,900 00 

104,500 00 

1,180,000 00 

1,130,000 00 

187,680 00 

80,000 00 

10,260 00 

70,890 00 

5,500 00 

2,525 00 

16,730 00 



1875.] 



OF OTHER STATES. 



119 



Nat'l Bank of America, . 
Nat'l Bank of Republic, . 
American Exch. Nat'l Bank, 
Metropolitan Nat'l Bank, 
United States bonds, 
Richmond city bonds, 
Virginia state bonds, 
Tennessee state bonds, 
Georgia state bonds, 
Alabama state bonds, 
South Carolina state bonds, 
Mississippi state bonds, . 



$8,484 00 

1,800 00 
10,125 00 

5,381 25 

2,010,813 96 

46,250 00 

5,338 66 
13,975 00 

2,730 00 
45,100 00 
14,000 00 
15,285 71 



$11,704 00 
1,425 00 

11,700 00 

6,500 00 

2,124,610 00 

53,500 00 
5,005 00 
8,000 00 
1,400 00 

13,440 00 
2,800 00 

20,000 00 



$7,154,191 05 $7,633,244 00 



NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY, 

MILWAUKEE, WIS. 

[Incorporated March, 1857. Commenced business November 25, 1858.] 

H. L. Palmer, President. Secretary, Willard Merrill. 

O. E. Britt, Vice-President. Actuary, Emory McClintock. 

Principal Office, Milwaukee. 
Attorney to accept service, E. J. Smith, Boston. 



Income. 

Total premium income, 

Cash received for interest on stocks, bonds and loans, 

for interest on other debts due the company, 
for rents of company's property, . 

Premiums received for reinsurance : cash, $53,323.52 ; notes, 
$6,087.26, 



. $2,676,738 93 

. 1,271,438 25 

37,207 32 

8,697 47 

59,410 78 



Total income, $1,053,492 75 

Net or ledger assets, December 31, 1S74, .... 14,627,574 39 



Total, 



$18,681,067 14 



Disbursements. 

Cash paid for losses and additions, 
Premium notes or loans used in payment of same, 
Cash paid for matured endowments and additions, 
Premium notes or loans used in payment of same, 

Gross amount paid for losses and endowments, 
Cash paid for surrendered policies, 
Premium notes or loans used in purchase of surrendered 

policies and voided by lapse, 

Cash surrender values, including reconverted additions 

applied in payment of premiums, 



,155 51 
45,348 58 
42,363 97 
14,418 99 

$702,287 05 
213,050 66 

277,354 20 

57,310 89 



120 



LIFE INSURANCE COMPANIES [Dec. 31, 



Cash dividends paid policy-holders, §38,729.06 ; applied in 

payment of premiums, §170,112.11, $214,841 17 

Premium notes or loans used in payment of dividends, . 539,04' 

Total paid policy-holders, . . . $2,004,490 35 

Cash paid for commissions to agents, $191,725 18 

for salaries and travelling expenses of agents, . GO ,991 40 

for medical examiners fees, 18,211 04 

for salaries of officers and office employes,. . 87,602 33 

for taxes and fees, *6,710 

for rent, 9,308 51 

for commuting commissions, .... 10,442 56 

for furniture and office fixtures, . . . . 2,416 60 

for advertising, 2,431 34 

for office, agency and incidental expenses, . 79,672 43 

Total disbursements, $2,474,068 64 



Balance, 



$16,206,998 50 



Invested in the following :— 

Assets as per Ledger Accounts. 

Cost value of real estate, . . . . . . $496,010 87 

Loans on mortgage of real estate (first liens), . . . 10,601,408 53 

Loans on company's policies assigned as collateral, . . 350 00 

Premium notes or loans on policies in force, . . . 4,142,780 87 

Cost value of stocks and bonds owned (schedule A), . . 337,333 90 

Cash in company's office, 101,248 51 

Cash deposited in bank, 453,045 13 

Bills receivable, 20,518 62 

Ledger balances, 46,742 07 

Office furniture, . 7*500 00 



Ledger assets (as per balance), 



$16,206,998 50 



Other Assets. 

Interest due and accrued, $551,768 19 

Rents due and accrued, 1,087 14 

Market value of stocks and bonds, over cost, . . . 34,441 10 
Uncollected premiums on policies in force, . $155,952 56 
Deferred premiums on policies in force, . 276,737 00 



Total, $432,689 56 

Deduct loading (25 per cent.), . . . 108,172 3S 

Net am't of uncollected and deferred prem's, 

Total assets per company's books, 



324,517 18 
$17,118,812 11 



* Total taxes paid, 
Deducted from dividends, 



$27,641 77 
20,924 9S 

$6,716 &4 



1875.] OF OTHER STATES. 121 

Items not Admitted. 



Ledger balances, . 
Bills receivable, 
Office furniture, 
Total, 

Total admitted assets, 



$16,742 07 
20,518 62 
7,500 00 
$74,760 69 



$17,044,051 42 



Liabilities. 
Computed premium reserve or net present value of all out- 
standing policies (Actuaries' 4 per cent.), . . $14,412,346 00 
Death losses and matured endowments in 

process of adjustment, .... $143,128 61 
Claims resisted by the company, . . . 27,800 00 

Total policy claims, .... 170,928 61 

Unpaid dividends of surplus due policy-holders, . . . 5,000 00 

Accrued commissions, 2,500 00 

Reserve on lapsed policies, entitled to paid-up policies, . 7,827 00 



Liabilities as to policy-holders, .... $14,598,601 61 

Surplus as regards policy-holders, .... 2,445,449 81 

Gross liabilities, $17,044,051 42 

Premium Note Account. 

Premium notes on hand Dec. 31, 1874, . . $4,294,285 52 
Premium notes or loans received during 1875, 759,281 32 

Total, $5,053,566 84 

Used in payment of losses and claims, . $59,767 57 
of surrendered policies and 

voided by lapse, . . 277,354 20 
of dividends to policy-hold- 
ers, .... 539,646 38 
Redeemed by maker in cash, . . . 34,017 82 

Total, 910,785 97 



Balance note assets, December 31,1875, . . .$4,142,780 87 

Exhibit of Policies. 
Policies and Additions in force December 31, IS 74. 

Number. Amount. 

Whole-life policies, 25,005 $49,053,950 00 

Endowment policies, 9,695 14,785,938 00 

All other policies, 702 1,461,133 00 

New Policies Issued in 1875. 

Whole-life policies, 

Endowment policies, 

All other policies, 

16 



5,311 


11,537,146 00 


558 


758,296 00 


185 


462,059 00 



122 



LIFE INSURANCE COMPANIES [Dec. 31, 



Old Policies Revived during the year. 

Whole-life policies, 210 

Endowment policies, 101 

All other policies, 8 

Old Policies increased during the year. 

Whole-life policies, 6 

Additions by dividends, - 



$503,529 00 
155346 00 

12,200 00 



178,654 00 



Total number and amount, 



41,781 178,908,751 00 



Policies ceased to be in force during the year. 



Terminated by death, 

by maturity, 

by expiry, . 

by surrender, 

by lapse, 

by change and decrease, 
Not taken, 



Total terminated, 5,353 811,784,536 00 

Policies in force December 31, 1875. 

Whole-life policies, 26,530 851,873,633 00 

Endowment policies 9,162 13,662,530 00 

All other policies, 736 1,588,052 00 



353 


8742,483 00 


43 


53,683 00 


1 


110,071 00 


920 


1,549,326 00 


3,353 


7,124,191 00 


5 


496,477 00 


678 


1,708,305 00 



Totals, 36,428 867,124,215 00 

Schedule A. 

Stocks and Bonds owned by the Company. 

Par value.* Market value. 

United States 5-20 regM bonds, . . . 8100,000 00 >| 

" " currency bonds, 6s, . . . 180,000 00 / g 3gl ~ 51 17 

Green Bay city (Wis.) bonds, . . . 26,400 00 J 

Pope county (Minn.) bonds, . . . 5,000 00 > 



$311,400 00 $381,551 17 



* Cost value, $337,333.90. 



1875.] 



OF OTHER STATES. 



123 



PENN MUTUAL LIFE INSURANCE COMPANY, PHILADEL- 
PHIA, PENN. 

[Incorporated February 24, 1847. Commenced business May 25, '1847. ] 

Samuel C. Huey, President. Secretary, Henry Austie. 

Horatio S. Stephens, Vice-President. Actuary, James W. Mason. 

Principal Office, 921 Chestnut Street. 

Attorney to accept service, Lewis G. Lowe, Bridgewater. 

Income. 

Total premium income, $1,112,705 55 

Cash received for interest on stocks, bonds and loans, . . 296,458 83 

for interest on other debts due the company, . 12,361 64 

for rents of company's property, . . . 4,564 05 

Premiums received for reinsurance : cash, $159,979.53 ; 

notes, $11,999.47, 171,979 00 

Profit on sale of real estate, 72,318 22 



Total income, 

Net or ledger assets, December 31, 1874, 



Total, 



$1,670,387 29 
. 4,518,495 33 

§6,188,882 62 



Disbursements. 

Cash paid for losses and additions, .... 

Premium notes or loans used in payment of same, 
Cash paid for matured endowments and additions, 
Premium notes or loans used in payment of same, 

Gross amount paid for losses and endowments, 
Received for losses on policies reinsured, 

Net amount paid for losses and endowments, . 
Cash paid for surrendered policies, .... 

Premium notes or loans used in purchase of surrendered 

policies and voided by lapse, 

Cash dividends paid policy-holders, applied in payment of 

premiums, . 

Premium notes or loans used in payment of dividends, . 



$761,365 17 



Total paid policy-holders, 

Cash paid for commissions to agents, .... 
for salaries and travelling expenses of agents, 
for medical examiners 1 fees, . 
for salaries and office expenses, 
for taxes and fees, . 

for rent, 

for commuting commissions, . 
for advertising, 



$306,762 21 
9,522 Q5 
8,921 72 
2,778 28 



$327,984 26 
10,000 00 



$317,984 26 
105,200 37 

52,259 04 

211,122 83 
74,798 67 



$64,896 77 
30,819 71 

8,173 00 
43,658 17 
10,297 03 
10,184 08 

1,030 15 
13,405 92 



124 



LIFE INSURANCE COMPANIES 



Cash paid for miscellaneous expenses, . 
Total disbursements, 
Balance, 



[Dec. 31, 
. $14,404 34 
. $968^4 34 

$5,230,588 28 



Invested in the following : — 

Assets as per Ledger Accounts 

Cost value of real estate, 

Loans on mortgage of real estate (first liens), 

Loans on collateral security (schedule A) , . 

Loans on company's policies assigned as collateral, 

Premium notes or loans on policies in force, . 

Cost value of stocks and bonds owned (schedule B), 

Cash in company's office, 

Cash deposited in bank, . 

Bills receivable, 

Agents' ledger balances, . 

Premiums charged up in December 

Office furniture, 

Scrip of company, . 



Ledger assets (as per balance) , 



$349,186 53 

1,971,308 84 

150,871 40 

3,844 29 

700,354 93 

1,650,493 24 

2,147 23 

189,769 39 

2,000 CO 

17,953 48 

68,974 34 

12,984 61 

104,700 00 

$5,230,588 28 



Other Assets. 

Interest clue and accrued, .... 

Rents due and accrued, 

Market value of real estate, over cost, . 
Market value of stocks and bonds, over cost, 
Uncollected premiums on policies in force, . 
Deferred premiums on policies in force, . 

Total, 

Deduct loading* (12^ per cent.), . 

Net ain't of uncollected and deferred prem's, 

Total assets per company's books, . 



$14,348 37 
48,463 56 

$62,811 93 
16,467 45 



73,677 81 

688 73 

37,605 50 

128,232 49 



46,344 48 



$5,517,137 29 



Items not Admitted. 

Furniture and fixtures, $12,984 61 

Agents' balances, 17,953 48 

Bills receivable, 2,000 00 

Total . 32,938 09 

Total admitted assets, $5,484,199 20 



* Including loading on premiums, charged up in December. 



1875.] 



OF OTHER STATES. 



125 



Liabilities. 
Computed premium reserve or net present value of all out- 
standing policies (Actuaries 1 4 per cent.), . . . f 4,519,427 00 



Deduct net value of reinsured risks, 

Net premium reserve, .... 
Death losses and matured endowments in 
process of adjustment, .... 
Claims resisted by the company, . 

Total policy claims, 

Unpaid dividends of surplus due policy-holders, 
Scrip held by the company, .... 



$57,920 00 
33,000 00 



Liabilities as to policjMiolders, 
Surplus as regards policy-holders, . 



Gross liabilities, 



47,325 00 
c ,472,102 00 



90,920 00 

20,000 00 

104,700 00 

^,687,722 00 
796,477 20 

1,484,199 20 



Premium Note Account 

Premium notes on hand Dec. 31, 1874, . . $646,552 85 

Premium notes or loans received during 1875, 202,574 25 

Total, . . . . . . . 

Used in payment of losses and claims, . . $12,300 33 
of surrendered policies and 

voided by lapse, . . 52,259 04 
of dividends to policy-hold- 
ers 74,798 67 

Redeemed by maker in cash, .... 9,414 13 

Total, 



$849,127 10 



Balance note assets, December 31, 1875, 



148,772 17 
$700,354 93 



Exhibit of Policies. 
Policies and Additions in force December 31, 1874. 

Number. Amount. 

Whole-life policies, 6,892 $21,610,132 00 

Endowment policies, 1,282 2,885,227 00 

All other policies, 1 20,000 00 

Reversionary additions, - 5,812 00 

New Policies Issued in 1875. 

Whole-life policies, 1,417 

Endowment policies, 675 

All other policies, 1 

Old Policies Revived during the year. 

Whole-life policies, 44 

Endowment policies, 104 

Old Policies increased during the year. 



Whole-life policies, . 
Endowment policies, 



4,532,076 00 

1,878,682 00 

2,500 00 

67,917 00 

46,459 00 

1,201 00 

20,000 00 



126 



LIFE INSURANCE COMPANIES [Dec. 31, 



Additions by dividends, - 

Total number and amount, .... 10,419 

Policies ceased to be in force during the year. 
Terminated by death, 

by maturity, . 

by surrender, 

by lapse, 

by change and decrease, 



$7,708 00 



Not taken, 

Total terminated, 



$31,077,714 00 

$320,904 00 

11,700 00 

621,979 00 

1,166,754 00 
117,610 00 
449,100 00 

874 82,688,047 00 



106 
6 

205 

401 
3 

153 



Policies in force December 31, 1875. 

Whole-life policies, 7,677 

Endowment policies, 1,867 

All other policies, 1 

Reversionary additions, - 



$23,979,514 00 

4,396,825 00 

2,500 00 

10,828 00 



Totals, 



9,545 $28,389,667 00 



Schedule A. 

Securities held as Collateral. 



Personal loans, secured, . 

No. Am. Mut. Life. Ins. Co. stock, 



Market value. 

$652,030 00 



Schedule B. 

Stocks and Bonds owned by the Company. 

Cost value. 

United States reg'd bonds, .... $260,727 50 

Philadelphia city loan, 6s, ... . 182,351 13 

Harrisburg city water bonds, 6s, . ... 50,150 00 

Alleghany county loan, 5s, . . . . 9,000 00 

Louisville city bonds, 7s, 43,500 00 

" loan, 6s, 7,141 00 

St. Louis city loan, 6s, 25,030 00 

Canton city water bonds, 10s, . . . 30,000 00 

Pennsylvania R. R. mortgage bonds, 6s, . 100,150 00 

Reading R. R. mortgage bonds, 7s, . . 103,000 00 

Lehigh Valley R. R. bonds, 7s, 50,000 00 

United Canal and R. R. bonds, 6s, . . . 46,250 00 

West Chester R. R. bonds, 7s, . . . . 75,128 00 

No. Pennsylvania R. R. bonds, . . . 103,625 00 

Susquehanna Canal Co. bonds, 6s, . . . 48,000 00 

American S. S. Co. bonds, 6s, . . . . 25,000 00 

500 shares Northern Central R. R., . . 21,923 25 

100 " Western Nat'l Bank, . . . 6,862 50 



Amount loaned. 

$119,500 00 
31,371 40 

$150,871 40 



Market value. 

$302,520 50 

201,400 00 

59,000 00 

9,600 00 

50,000 00 

9,800 00 

29,400 00 

30,000 00 

108,650 00 

105,625 00 

55,500 00 

50,000 00 

78,750 00 

107,125 00 

51,000 00 

19,500 00 

17,500 00 

8,100 00 



1875.] 



OF OTHER STATES. 



127 



209 shares Commercial Nat'l Bank, 

50 " Girard Nat'l Bank, 
100 " Corn Exchange Nat'l Bank, . 

50 " Mechanics' Bank of St. Louis, 
250 " Del. Mut. Safety Ins. Co., 
212 " Girard Life Ins., Annu. and Trust 
Co., . 

76 " North America Bank, 
Cincinnati city bonds, 7 3-10s, 
Stony Creek R. R. bonds, 7s, . 
Phoenix Iron Co. bonds, 7s, 
Del. and Bound Brook R. R. bonds, 7s, . 
111. and St. Louis R. R. and Coal Co. bonds, 8s 
525 shares Railway Pass. Ins. Co., 
100 " Centennial stock, . 
Philadelphia city warrants, 



$11,035 25 
2,000 00 
5,000 00 
4,950 50 
6,250 00 

5,575 38 
10,168 00 

107,427 50 
49,000 00 
49,500 00 
50,000 00 

100,000 00 

52,500 00 

1,000 00 

14,248 23 



$13,167 00 
3,150 00 
7,000 00 
5,000 00 
7,000 00 

9,540 00 
19,700 00 

108,950 00 
50,000 00 
50,000 00 
50,000 00 

100,000 00 

52,500 00 

1,000 00 

14,248 23 



$1,656,493 24 $1,784,725 73 



PHCENIX MUTUAL LIFE INSURANCE COMPANY, HARTFORD, 

CONN. 

[Incorporated May, 1851. Commenced business May, 1851.] 

Paid-up Capital, $100,000. 

Aaron C. Goodman, President. Secretary, Jno. M. Holcombe. 

Jona. B. Bunce, Vice-President. 

Principal Office, Hartford. 

Attorney to accept service, Wm. H. Guild, Boston. 

Income. 

Total premium income, $2,620,069 85 

Cash received for interest on stocks, bonds and loans, . 678,296 00 



Total income, $3,298,365 85 

. 9,143,560 38 



Net or ledger assets, December 31, 1874, 
Total, 



Disbursements. 
Cash paid for losses and additions, 
Premium notes or loans used in payment of same, 
Cash paid for matured endowments and additions, 
Premium notes or loans used in payment of same, 

Gross amount paid for losses and endowments, 
Received for losses and claims on policies reinsured, 



$12,441,926 23 



$812,637 99 

49,272 94 

24,688 31 

4,311 69 

$890,910 93 
4,717 54 

$886,193 39 
23,843 41 



Net amount paid for losses and endowments, 
Cash paid for surrendered policies, 
Premium notes or loans used in purchase of surrendered 

policies and voided by lapse, 382,766 29 



128 



LIFE INSURANCE COMPANIES [Dec. 31, 



Cash dividends paid policy-holders, applied in payment of 

premiums, $563,000 79 

Premium notes or loans used in payment of dividends, . 78,721 07 



Total paid policy-holders, 



$1,934,525 55 



Cash paid for dividends to stockholders, 

for commissions to agents, .... 
for salaries and travelling expenses of agents, 
for medical examiners 1 fees, 
for salaries of officers and office employes, 

for taxes and fees, 

for rent, 

for furniture and office fixtures, . 

for office, agency and incidental expenses, . 

Total disbursements, 

Balance, 



$6,000 00 

195,607 34 

89,042 04 

14,130 39 

43,681 bb 

63,256 15 

4,800 00 

2,043 89 

97,648 42 

$2,450,735 33 

$9,991,190 90 



Invested in the following : — 

Assets as per Ledger Accounts 

Cost value of real estate, 

Loans on mortgage of real estate (first liens), . 
Loans on collateral security (schedule A), . 
Premium notes or loans on policies in force, 
Cost value of stocks and bonds owned (schedule B), 
Cash in company's office and deposited in bank, . 

Bills receivable, secured, 

Stockholders 1 notes,* 



Ledger assets (as per balance), 

Other Assets. 

Interest due and accrued, .... 
Market value of stocks and bonds, over cost, 
Uncollected premiums on policies in force, . 
Deferred premiums on policies in force, 

Total, 

Deduct loading (15 per cent.), 

Net am't of uncollected and deferred pren^s, 

Furniture and fixtures, 



860,768 00 

5,488,652 82 

53,500 00 

3,363,978 54 

558,078 00 

323,222 37 

58,991 17 

84,000 00 

$9,991,190 90 



138,105 22 
41,957 00 



$29,299 98 
102,536 05 

$131,836 03 
19,775 40 



Total assets per company's books, 

Items not Admitted. 



Furniture and fixtures, 

Total admitted assets, .... 

* Called in since January 1. 



112,060 63 
9,606 pS 

$10,292,920 33 

9,606 58 
$10,283,313 75 



1875.] OF OTHER STATES. 129 

Liabilities. 

Computed premium reserve or net present 
value of all outstanding policies (Actua- 
ries' 4 per cent.), . . . . $9,968,287 00 
Deduct net value of reinsured risks, . . 5,596 00 

Net premium reserve, .... $9,962,691 00 

Death losses and matured endowments in 

process of adjustment, .... $193,850 00 

Claims resisted by the company, . . . 52,000 00 

Total policy claims, 



Liabilities as to policy-holders, 
Surplus as regards policy-holders, . 



Gross liabilities, 



- 245,850 00 

$10,208,541 00 
74,772 75 

$10,283,313 75 



Premium Note Account. 

Premium notes on hand Dec. 31, 1874, . . $3,639,330 00 

Premium notes or loans received during 1875, 254,569 00 

Total, $3,893,899 00 

Used in payment of losses and claims, . . $53,584 63 
of surrendered policies and 

voided by lapse, . . 382,766 29 
of dividends to policy-hold- 
ers, 78,721 67 

Redeemed by maker in cash, . . . 14,847 87 

Total, 529,920 46 



Balance note assets, December 31, 1875, . . . $3,363,978 54 

Exhibit of Policies. 
Policies and Additions in force December 31, 1874. 

Number. Amount. 

Whole-life policies, 24,821 $56,758,678 00 

Endowment policies, 8,593 12,359,147 00 

All other policies, 4 4,000 00 

Reversionary additions, - 89,280 00 

New Policies Issued in 1875. 

Whole-life policies, 3,535 5,900,821 00 

Endowment policies, 1,270 1,213,306 00 

Old Policies Revived during the year. 

Whole-life policies, .140 371,690 00- 

Endowment policies, .... .158 296,300 00 

Old Policies increased during the year. 

Whole-life policies, - 4,500 00 

Endowment policies, - 1,250 00 

Additions by dividends, - 13,846 00- 



Total number and amount, .... 38,521 $77,012,818 00 
17 



130 



LIFE INSURANCE COMPANIES [Dec. 31, 



Policies ceased to be in force during the year. 

Terminated by death, 370 

by maturity, 17 

by surrender, 143 

by lapse, 4,857 

by change and decrease, . . . 1,497 
1,356 



Not taken, 



Total terminated, 8,240 

Policies in force December 32, 1875. 

Whole-life policies, 22,567 

Endowment policies, 7,710 

All other policies, 4 

Reversionary additions, - 

Totals, 30,281 

Schedule A. 

Securities held as Collateral. 

Market value. 

Quincy, Pacific and Mo. R. R. bonds, . . $35,000 00 
688 shares Willimantic Linen Co., . . . 51,600 00 
102 " Chicago Nat 1 ! Bank, . . . 11,322 00 



$894,993 00 


29,000 00 


266,361 00 


9,551,966 00 


3,777,100 00 


2,246,212 00 


$16,765,632 00 


$49,673,668 00 


10,466,392 00 


4,000 00 


103,126 00 


$60,247,186 00 



Amount loaned. 

$35,000 00 

10,000 00 

8,500 00 



$£7,922 00 $53,500 00 



Schedule B. 

Stocks and Bonds owned by the 

United States bonds, 

Tennessee state bonds, . 

Indiana Central R. R. bonds, 10s, 

Valley Falls township bonds, 7s, 

Mattoon city bonds, 10s, . 

So. Minnesota R. R. bonds, 

Benton Harbor and St. Joseph school bonds, 

200 shares Charter Oak Nat'l Bank, Hartford, 

200 ' 

35 
100 
400 

70 



200 
100 
250 
50 
284 
100 



First Nat'l Bank, Hartford, . 
JStna Nat'l Bank, Hartford, . 
Mercantile Nat'l Bank, Hartford, 
American Nat'l Bank, Hartford, 
Farm, and Mechanics' Nat'l Bank 

Hartford, . 
Phoenix Nat'l Bank, Hartford, 
First Nat'l Bank, Massilon, O., 
Toledo Nat'l Bank, Toledo, O , 
U. S. Trust Co , Hartford, . 
Hartford City Gas-Light Co , 
Security Co., Hartford, . 



Company. 

Cost value. 

$263,464 00 

19,475 00 

7,600 00 

14,835 00 

34,970 00 

35,000 00 

17,000 00 

19,662 00 

22,255 00 

3,500 00 

6,950 00 

2133 00 

8,724 00 
26,000 00 
10,000 00 
25,000 00 
5,000 00 
7,350 00 
10,000 00 



Market valne. 

$294,300 00 
11,700 00 
8,000 00 
14,835 00 
36,000 00 
10,000 00 
17,000 00 
26,200 00 
28,000 00 
4,550 00 
13,000 00 
30,000 00 

9,170 00 
32,000 00 
13,000 00 
25,000 00 

5,000 00 
12,780 00 

9,500 00 



$558,078 00 $600,035 00 



1875.] OF OTHER STATES. 131 



PROVIDENT LIFE AND TRUST COMPANY, PHILADELPHIA, PA. 

[Incorporated March 22, 1865. Commenced business July 28, 1865.] 

Paid-up Capital, $500,000. 

Samuel R. Shipley, President, Vice-President, Wm. C. Longstreth. 

Actuary, Rowland Parry. 

Principal Office, 108 South Fourth Street, Philadelphia, 

Attorney to accept service, Gilbert C. Hoag, Boston, 

Income. 

Total premium income, $721,834 39 

Cash received for interest on stocks, bonds and loans, . . 138,824 92 

for interest on other debts due the company, . 10,000 00 

for rents of company's property, . . . 575 00 

for profits on bonds, stocks or gold sold, . 17,272 54 

Total income, 1888,506 85 

Net or ledger assets, December 31, 1874, .... 2,441,518 42 

Total, $3,330,025 27 

Disbursements. 

Cash paid for losses and additions, $126,62100 

for matured endowments and additions, . . 168 85 

Gross amount paid for losses and endowments, . . $126,789 85 

Cash paid to annuitants, 3,662 51 

for surrendered policies, 30,190 38 

Premium notes or loans used in purchase of surrendered 

policies and voided by lapse, 5,740 35 

Cash surrender values, including reconverted additions ap- 
plied in payment of premiums, 2,496 47 

Cash dividends paid policy-holders, $2,170.25; applied in 

payment of premiums, $85,065.36, 87,235 61 

Premium notes or loans used in payment of dividends, . . 13,809 81 

Total paid policy-holders, . . . $269,924 98 

Cash paid for commissions to agents, $58,662 78 

for salaries and travelling expenses of agents, . 12,853 02 

for medical examiners' fees, 3,981 00 

for salaries of officers and office employes, . . 26,928 67 

for taxes and fees, 7,977 86 

for rent, . . . . ' 2,779 40 

for furniture and office fixtures, .... 1,380 04 

for advertising, 2,791 71 

for other items, 11,565 15 

Total disbursements, . . . ... . . $398,844 61 

Balance, . $2,931,180 66 



132 



LIFE INSURANCE COMPANIES [Dec. 31, 



Invested in the following : — 

Assets as per Ledger Accounts 

Cost value of real estate, 

Loans on mortgage of real estate (first liens), 
Loans on collateral security (schedule A), . 
Premium notes or loans on policies in force, . 
Cost value of stocks and bonds owned (schedule B), 

Cash in company's office, 

Cash deposited in bank, 



Gross ledger assets (as per balance), 

Other Assets. 

Interest due and accrued, . 

Rents due and accrued, 

Market value of stocks and bonds, over cost, 
Uncollected premiums on policies in force, . 
Deferred premiums on policies in force, 

Total, 

Deduct loading (20 per cent.), 

Net am't.of uncollected and deferred prem's, 

Furniture and fixtures, 



$113,676 29 

700,037 81 

764,835 46 

103,787 56 

1,229,449 97 

4,393 57 

15,000 00 

$2,931,180 66 



$81,524 60 

78,177 69 

$159,702 29 

31,940 45 



14,284 68 

50 00 

19,878 28 



Total assets per company's books, 



127,761 84 
6,000 00 

1,099,155 46 



Items not Admitted. 



Furniture and fixtures, . 
Total admitted assets, 



6,000 00 



$3,093,155 46 



Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (Actuaries' 4 per cent.), . 

Death losses and matured endowments in 
process of adjustment, .... 

Due and unpaid on annuity claims, 

Total policy claims, 

Unpaid dividends of surplus due policy-holders, 

Due for salaries, rent and office expenses, 

Liabilities as to policy-holders, 
Surplus as regards policy-holders, . 



$2,342,027 00 



$8,017 00 
67 52 



Gross liabilities, 



Premium Note Account. 

Premium notes on hand Dec. 31, 1874, . . $108,369 68 

Premium notes or loans received during 1875, 24,079 57 

Total, 



8,084 52 

6,426 09 

237 00 

>,356,774 61 
736,380 85 

1,093,155 46 



$132,449 25 



1875.] 



OF OTHER STATES. 



133 



Used in payment of surrendered policies and 
voided by lapse, 
ot dividends to policy-hold- 
ers, 

Redeemed by maker in cash, .... 
Total, 

Balance note assets, December 31, 1875, . 



$5,740 35 

13,809 81 
9,111 53 



$28,661 69 



. $103,787 56 



Exhibit of Policies. 

Policies and Additions in force December -31, 1874. 



Number. 

Whole-life policies, 1,948 

Endowment policies, 3,934 

All other policies, Ill 

Reversionary additions, - 

New Policies Issued in 1875. 

Whole-life policies, 302 

Endowment policies, 899 

All other policies, 37 

Old Policies Revived during the year. 

Whole-life policies, . 4 

Endowment policies, 8 

Old Policies increased during the year. 

Whole-life policies, . 
Endowment policies, 
Additions by dividends, . 



Total number and amount, 

Policies ceased to be 

Terminated by death, 

by expiry, . 

by surrender, 

by lapse, 

change and decrease, 



m 



Not taken, 



Amount. 

$5,865,460 00 

11,374,159 00 

419,250 00 

55,608 00 



982,391 00 

2,962,373 00 

157,700 00 



12,100 00 
19,500 00 



1,560 00 

5,000 00 

18,046 00 



. 7,244 $21,873,147 00 
force during the year. 



33 

17 

249 

423 

1 

65 



$111,968 00 

83,500 00 

667,408 00 

1,277,204 00 

70,567 00 

183,090 00 



Total terminated, 



788 $2,393,737 00 



Policies in force December 31, 1875. 

Whole-life policies, 2,059 $6,292,689 00 

Endowment policies, 4,282 12,685,721 00 

All other policies, 115 435,950 00 

Reversionary additions, - 65,050 00 



Totals, 



6,456 $19,479,410 00 



134 



LIFE INSURANCE COMPANIES [Dec. 31, 



Schedule A. 
Securities held as Collateral. 

Market value. 

134 shares Crane Iron Co., .... $6,700 00 

300 " Pennsylvania R. R., 15,600 00 

Phila. and Reading R. R. consTd bonds, 7s, . 109,500 00 

Susquehanna Coal Co. bonds, 6s, . . . 13,000 00 

150 shares Delaware Ave. Market Co., . . 15,000 00 

10 " Lehigh Coal and Nav. Co., . . 500 00 

20 " Manufacturers' Nat'l Bank, . . 570 00 

600 " Buck Mountain Coal Co., . . 18,000 00 

Phila. and Erie R. R. Co. bonds, 7s, . . 4,400 00 

131 shares Thomas Iron Co., . . . 7,860 00 

1,174 " Cambria Iron Co., . . . 18,784 00 

1,200 " Lehigh Valley R. R. Co.. . . 74,400 00 

Reading Coal and Iron Co. mortgage bond, 7s, 10,800 00 

80 shares Nesquehoning R. R., . . . 4,480 00 

500 " Catawissa R. R. preferred, . . 22,000 00 

Reading and Columbia mortgage bonds, . 5,400 00 

3,020 shares Pennsylvania R. R., . . . 157,040 00 

2,000 " Lehigh Valley R. R., . ; . 124,000 00 

1,000 " Schuylkill Nav. Co. preferred, . 15,500 00 

2,500 " Catawissa R. R. preferred, . . 110,000 00 

500 " Lehigh Coal and Nav. Co., . .' 25,000 00 

Pennsylvania R. R. mortgage bonds, . . 20,600 00 

Lehigh and Wilkesbarre Coal Co. bonds, . 60,000 00 

Phila. and Reading R, R. bonds, 7s, . . 109,500 00 



Amount loaned. 

$5,175 60 

13,692 71 

97,400 00 

9,756 95 

13,201 00 

300 00 

500 00 

14,775 82 

3,658 86 

6,298 50 

13,706 00 

58,760 00 

6,077 27 

3,916 00 

12,739 25 

4,877 50 

127,843 76 

97,941 66 

11,746 00 

80,357 47 

20,000 00 

15,666 67 

48,211 11 

98,233 33 



$948,634 00 $764,835 46 



Schedule B. 

Stocks and Bonds owned by 



United States bonds, 5s, . 
Philadelphia city bonds, 6s, . 
New Jersey state bonds, 6s, . 
Pennsylvania bonds, 6s, . 
Lehigh Valley R. R. bonds, 6s, 
Lehigh Coal and Nav. Co. bonds, 7s, 
St. Louis county bonds (gold), 6s, . 
Schuylkill Navigation Co. bonds, 6s, 
Reading Coal and Iron Co. bonds, 7s, 



United Companies of N. J. bonds, 6s, 
Penn. and N. Y. Canal and R. R. bonds, 
Pittsburg city water loan bonds, 7s, 
Susquehanna Coal Co. bonds, 6s, . 
Summit Branch R. R. bonds, 7s, 
District of Columbia bonds, 3-65s, . 



7s, 



the Company. 

Cost value. 

$232,000 00 

294,651 25 

6,000 00 

95,000 00 

99,000 00 

101,000 00 

101,750 00 

24,577 75 

12,825 00 

14,850 00 

13,882 50 

29,050 00 

25,250 00 

15,625 00 

24,503 47 

36,072 50 



Market valoe. 

$234,000 00 

299,801 25 

6,180 00 

103,000 00 

97,500 00 

101,500 00 

101,750 00 

26,322 00 

12,150 00 

14,850 00 

15,150 00 

32,100 00 

25,750 00 

14,950 00 

25,000 00 

34,250 00 



1875.] 



OF OTHER STATES. 



135 

$50,000 00 



Belvidere and Del. R. R. 1st mortg. bonds, 6s, $50,000 00 
W. Cramp & Son, Ship and Engine Co. 

bonds, 7s, 25,000 00 25,375 00 

Allegheny Valley R. R. bonds, . . . 28,412 50 29,700 00 



$1,229,449 97 $1,249,328 25 



PROVIDENT SAVINGS LIFE ASSURANCE SOCIETY OF NEW 

YORK, NEW YORK. 

[Incorporated February 25, 1875. Commenced business August 10, 1875.] 

Paid-up Capital, S125,000. 

George Walker, President. Secretary, James L. Goodridge. 

Sheppard Homans, Vice-President and Actuary. 

Principal Office, 195 Broadway. 

Attorney to accept service, Stephen P. Wardwell, Boston. 

Income. 

Total premium income, $15,813 58 

Cash received for interest on stocks, bonds and loans, . . 3,382 84 
Borrowed money, 9,950 00 

Total income, $29,146 42 

Ledger assets at commencement of business, . . . 125,000 00 

Total, 



Total disbursements, 
Balance, . 



Disbursements. 

Cash paid for salaries and travelling expenses of agents, 
for medical examiners 1 fees, .... 
for salaries of officers and office employes, . 
for furniture and office fixtures, 

for advertising, 

for office, agency and incidental expenses, . 



$154,146 42 



$4,681 18 
132 44 
7,002 75 
2,190 69 
5,149 11 
4,354 61 



$23,510 78 



$130,635 64 



Invested in the following : — 

Assets as per Ledger Accounts. 

Cost value of stocks and bonds owned (schedule A), . 

Cash in the company's office, . 

Cash deposited in bank, . 

Bills receivable, .... 

Agents' ledger balances, . 

Ledger assets (as per balance), 



. $125,000 00 


1,912 26 


3,405 80 


142 45 


175 13 


. $130,635 64 



136 LIFE INSURANCE COMPANIES [Dec. 31, 

Other Assets. 

Uncollected premiums on policies in force, . $1,705 23 

Deferred premiums on policies in force, . . 11,03104 

Total, $12,736 27 

Deduct loading (10 per cent.), . . . 1,273 62 

Net am't of uncollected and deferred prem's, f 11,462 65 

Total assets per company's books, $142,098 29 

Items not Admitted. 

Agents' balances, $175 13 

Bills receivable, 142 45 

Total 317 58 

Total admitted assets, $141,780 71 

I 

Liabilities. 

Computed premium reserve or net present value of all 

outstanding policies (Actuaries' 4 per cent.), . . . $12,332 00 

Due for salaries, rent and office expenses, .... 3,200 19 

Due for borrowed money, 9,950 00 

All other liabilities : deposits for future endowments, $699.31 ; 

miscellaneous bills, $1,200, . 1,899 31 

Liabilities as to policy-holders, $27,381 50 

Surplus as regards policy-holders, 114,399 21 

Gross liabilities, $141,780 71 

Exhibit of Policies. 

New Policies Issued in 1875. 

Number. AmouDt. 

Whole-life policies, 87 $242,000 00 

Endowment policies, 9 27,000 00 

All other policies, 191 658,100 00 

Total number and amount, .... 287 $927,100 00 

Policies ceased to be in force during the year. 

Terminated by lapse, 5 $17,000 00 

Not taken, 18 52,500 00 

Total terminated, 23 $69,500 00 

Policies in force December 31, 1875. 

Whole-life policies, 81 $221,000 00 

Endowment policies, 9 27,000 00 

All other policies, 174 609,600 00 

Totals, 264 $857,600 00 



1875.] OF OTHER STATES. 137 

Schedule A. 

Stocks and Bonds owned by the Company. 

Par value.* Cost value. 

United States bonds, 6s, $25,000 00 $29,953 12 

" " 5-20 bonds, 1865, . . . 25,000 00 29,671 88 

1867, . . . 54,500 00 65,375 00 



$104,500 00 $125,000 00 



SECURITY LIFE INSURANCE AND ANNUITY COMPANY, NEW 

YORK. 

[Incorporated January 17, 1862. Commenced business January 18, 1862.] 

Paid-up Capital, $110,000. 

Robert L. Case, President. Secretary, Isaac H. Allen. 

Thos. R. Wetmore, Vice-President. Actuary, Robert L. Case, Jr. 

Principal Office, New York. 
Attorney to accept service, John W. Fletcher, Boston. 

Income. 

Total premium income, $1,222,358 22 

Cash received for interest on stocks, bonds and loans, . . 132,641 12 
for profits on bonds, stocks or gold sold, . 14,435 42 

Total income, $1,369,434 76 

Net or ledger assets, December 31, 1874, .... 2,654,009 65 

Total, $4,023,444 41 

Disbursements. 

Cash paid for losses and additions, $332,033 50 

Premium notes or loans used in payment of same, . . 32,920 30 

Cash paid for matured endowments and additions, . . 6,226 53 

Premium notes or loans used in payment of same, . . 2,773 47 

Gross amount paid for losses and endowments, . . $373,953 80 

Cash paid to annuitants, 2,971 61 

for surrendered policies, 127,929 81 

Premium notes or loans used in purchase of surrendered 

policies and voided by lapse, 237,363 91 

Cash dividends paid policy-holders, applied in payment of 

premiums, 50,595 11 

Premium notes or loans used in payment of dividends, . 3,682 57 

Total paid policy-holders, . . . $796,496 81 

* Market value not given. 
18 



138 



LIFE INSURANCE COMPANIES [Dec. 31, 



Cash paid for dividends to stockholders, 
for commissions to agents, . 
for medical examiners 1 fees, . 
for salaries of officers and office employes, 

for taxes and fees, 

for rent, 

for advertising, 

for office, agency and incidental expenses, 

Total disbursements, 



Balance, 



$13,360 00 

156,307 31 

3,847 95 

29,250 00 

20,096 41 

15,958 42 

6,609 11 

22,173 97 

$1,064,099 98 

$2,959,344 43 



Invested in the following: — 

Assets as per Ledger Accounts 

Cost value of real estate, 

Loans on mortgage of real estate (first liens), 

Loans on collateral security (schedule A), . 

Loans on company's policies assigned as collateral, 

Premium notes or loans on policies in force, . 

Cost value of stocks and bonds owned (schedule B), 

Cash in company's office, 

Cash deposited in bank, . 

Bills receivable, .... 

Agents 1 ledger balances, . 

Lodger assets (as per balance) , 



$460,875 00 

30,682 80 

' 1,664 00 

2,827 44 

♦1,633,205 40 

592,197 75 

32,818 11 

172,890 57 

9,190 49 

22,992 87 

$2,959,344 43 



Other Assets. 

Interest due and accrued, 90,297 18 

Market value of stocks and bonds, over cost, .... 50,346 00 
Uncollected premiums on policies in force, . $378,500 00 
Deferred premiums on policies in force, . 391,620 00 

Total, $770,120 00 

Deduct loading (20 per cent.), . . . 154,024 00 

Net ain't of uncollected and deferred prem's, 616,096 00 

Furniture and fixtures, 21,286 88 

Total assets per company^ books, .... $3,737,370 49 



Items not Admitted. 



Furniture and fixtures, . 
Agents 1 balances, 
Bills receivable, 
Total, 

Total admitted assets, 



$21,286 88 

22,992 87 

9,190 49 



53,470 24 
$3,683,900 25 



* Including $281,841.10 on p.iid-up policies. 



1875.] 



OF OTHER STATES. 



139 



Liabilities. 

Computed premium reserve or net present 
value of all outstanding policies (Actua- 
ries' 4 per cent.) $3,390,23100 



Deduct net value of reinsured risks, 

Net premium reserve, .... 

Death losses and matured endowments in 
process of adjustment, 

Claims resisted by the company, . 

Total policy claims, 

Unpaid dividends of surplus due policy-holders, 
due stockholders, 

Due for salaries, rent and office expenses, 

All other liabilities : premiums for reinsurance, 

Liabilities as to policy-holders, 
Surplus as regards policy-holders, . 



9,816 00 



•$3,380,415 00 



$70,915 00 
22,500 00 



Gross liabilities, 



93,415 00 

7,580 00 

801 00 

1,200 00 

1,477 25 

$3,484,888 25 
. 199,012 00 

$3,683,900 25 



Premium Note Account. 



Premium notes on hand Dec. 31, 1874, . 



,689,181 53 



Premium notes or loans received during 1875, 220,764 12 

Total, . ' $1,909,945 65 

Used in payment of losses and claims, . . $35,693 77 
of surrendered policies and 

voided by lapse, . . 237,363 91 
of dividends to policy-hold- 
ers, 3,682 57 

Total, 



Balance note assets, Dec. 31, 1875, . 



276,740 25 
$1,633,205 40 



Exhibit of Policies. 
Policies and Additions in force December 51, 1874. 

Number. Amount. 

Whole-life policies, 7,726 $19,495,068 00 

Endowment policies, 1,637 2,492,425 00 

All other policies, 728 1,388,181 00 

Keversionary additions, - 19,581 00 

New Policies Issued in 1875. 

Whole-life policies, 1,438 2,314,73100 

Endowment policies, 166 191,449 00 

All other policies, 30 23,304 00 

Old Policies Bevived during the year. 

Whole-life policies, 39 60,500 00 

Endowment policies, 4 11,500 00 

All other policies, 5 7,800 00 



140 



LIFE INSURANCE COMPANIES 



Additions by dividends, . 

Total number and amount, 



[Dec. 31, 

$3,553 00 



. 11,773 $26,008,092 00 



Policies ceased to be in force during the year, 
Terminated by death, 149 



by maturity, 

by expiry, . 

by surrender, 

by lapse, 

by change and decrease, 



Not taken, 

Total terminated, 



6 

16 

378 

1,228 

323 

324 



$341,466 00 

9,000 00 

83,500 00 

906,108 00 

2,873,364 00 

728,718 00 

448,667 00 



. 2,424 $5,390,823 00 



Policies in force December 31, 1875. 

Whole-life policies, 7,237 

Endowment policies, 1,554 

All other policies, 558 

Reversionary additions, - 



$17,444,777 00 

2,154,094 00 

999,799 00 

18,599 00 



Totals, 9,349 $20,617,269 00 



Schedule A. 
Securities held as Collateral. 



Bayoone city bond, 
Panama R. R. stock, 



Market value. 

$1,000 00 
910 00 



Amount loaned. 

$950 00 
714 00 



,910 00 $1,664 00 



United States bonds, 
District of Columbia bonds, 
S. C. bond, 



Schedule B. 

Stocks and Bonds owned by the Company. 

Cost value. Market value. 

$520,904 00 8571,250 00 



56,293 75 
15,000 00 



56,293 75 
15,000 00 



$592,197 75 $642,543 75 



1875.] 



OF OTHER STATES. 



141 



TRAVELERS' INSURANCE COMPANY (LIFE DEPARTMENT), 

HARTFORD, CONN. 

[Incorporated June 17, 1863. Commenced business July, 1866.] 

James G. Batterson, President. Secretary, Rodney Dennis. 

Gustavus F. Davis, Vice-President. Actuary, George Ellis. 

Principal Office, Hartford. 
Attorney to accept service, Chas. G. C. Plummer, Boston. 



Income. 

Total premium income, 

Cash received for interest on stocks, bonds and loans, . 

for interest on other debts due the company, 
as discount on claims paid in advance, . 
for rents of company's property, 
for profits on bonds, stocks or gold sold, 



Total income, . . 
Net or ledger assets, December 31, 1874, 



$528,370 17 

166,949 02 

4,326 46 

451 14 

1,498 97 

5,818 77 



Total, 



r ,414 53 
1,930,475 43 

$2,637,889 96 



Disbursements. 

Cash paid for losses and additions, . 

Received for losses and claims on policies reinsured, 

Net amount paid for losses and endowments, . 

Cash paid to annuitants, 

for surrendered policies, 

Total paid policy-holders, . . . $181,994 65 

Cash paid for commissions to agents, 

for salaries and travelling expenses of agents, 

for medical examiners' fees, 

for salaries of officers and office employes, . 

for taxes and fees, 

for rent, 

for advertising, 

for office, agency and incidental expenses, . 



Total disbursements, 
Balance, . 



$162,570 62 
8,000 00 



$154,570 62 

1,150 00 

26,274 03 

. $53,579 22 

18,749 80 

10.718 54 
13,642 66 

3,634 66 
404 14 

19.719 82 
. 20,117 14 

. $322,560 63 

$2,315,329 33 



Invested in the following : — 

Assets as per Ledger Accounts. 

Cost value of real estate, 

Loans on mortgage of real estate (first liens) , 



\688 21 
. 1,784,977 50 



142 LIFE INSURANCE COMPANIES [Dec. 31, 

Cost value of stocks and bonds owned,* .... $366,205 13 

Cash in company's office, 589 83 

Cash deposited in bank, 75,868 66 

Ledger assets (as per balance), .... $2,315,329 33 

Other Assets. 

Interest due and accrued, 69,791 35 

Market value of stocks and bonds, over cost, . . . 12,669 87 

Uncollected premiums on policies in force, . $92,391 37 
Deferred premiums on policies in force, . 63,124 87 



Total, $155,516 24 

Deduct loading (12 per cent), . . . 18,66194 

Net am't of uncollected and deferred prem's, 136,854 30 

Total assets of Life Department, .... $2,534,644 85 
Total assets of Accident Department, .... 1,148,054 34 

Gross assets $3,682,699 19 

Liabilities. 

Computed premium reserve or net present value of all 

outstanding policies (Actuaries 1 4 per cent), . . $2,255,927 00 

Deduct net value of reinsured risks, . . . . 19,257 00 



Net premium reserve, $2,236,670 00 

Death losses and matured endowments in 

process of adjustment, .... $46,200 00 



Claims resisted by the company, 
Total policy claims, . 

Liabilities as to policy-holders 



6,825 00 
53,025 00 



in Life Department, $2,289,695 00 

Liabilities as to policy-holders in Accident Department,. 267,917 45 



Gross liabilities, ....... §2,557,612 45 

Surplus as regards policy-holders, .... $1,125,086 74 

Exhibit of Policies. 
Policies and Additions in force December 31, 1874. 

Number. Amount. 

Whole-life policies, 7,827 $15,014,405 00 

Endowment policies, 1,913 2,701,308 00 

All other policies, 96 256,350 00 

New Policies Issued in 1875. 

Whole-life policies, . . . ... . . 2,265 4,431,880 00 

Endowment policies, 362 423,783 00 

All other policies, 23 65,700 00 

* For schedule, see Accident Department. 



1875.] 



OF OTHER STATES. 



143 



Old Policies Revived during the year. 

Whole-life policies, 14 

Endowment policies, 3 



$27,500 00 
5,500 00 



Total number and amount, 



. 12,503 $22,926,426 00 



Policies ceased to be in force during the year. 

Terminated by death, 80 

18 

43 

1,049 

290 

512 



by expiry, 

by surrender, 

by lapse, 

by change and decrease, 



Not taken, 

Total terminated, 



$166,564 00 

49,500 00 

45,198 00 

2,012,975 00 

643,125 00 

839,950 00 

1,992 $3,757,312 00 



Policies in force December 31, 1875. 

Whole-life policies, 8,501 

Endowment policies, 1,927 

All other policies, 83 



Totals, 



6,253,172 00 

2,689,992 00 

225,950 00 



10,511 $19,169,114 00 



UNION MUTUAL LIFE INSURANCE COMPANY, AUGUSTA, ME. 

[Incorporated July 17, 1848. Commenced business October 1, 1849.] 

Henry S. Washburn, President. Secretary, W. H. Hollister. 

Daniel Sharp, Vice-President. Actuary, Daniel L. Gallup. 

Principal Office, Boston, Mass. 

Attorney to accept service, Henry Crocker, Boston. 

Income. 

Total premium income, $1,876,411 82 

Cash received for interest on stocks, bonds and loans,. . 487,118 19 

• for interest on other debts due the company, 9,395 16 

as discount on claims paid in advance, . . 559 95 

for rents of company's property, . . . 23,321 06 

for profits on bonds, stocks or gold sold, . 6,162 69 



Total income, $2,402,968 87 

Net or ledger assets, December 31, 1874, .... 7,997,904 65 



Total, 



Disbursements. 
Cash paid for losses and additions, 
Premium notes or loans used in payment of same, 
Cash paid for matured endowments and additions, 



$10,400,873 52 



$504,937 57 
40,366 87 
33,181 00 



144 



LIFE INSURANCE COMPANIES [Dec. 31, 



Premium notes or loans used in payment of same, 



812,396 00 



Gross amount paid for losses and endowments, . . $590,881 44 

Cash paid to annuitants, 5,250 00 

for surrendered policies, 138,776 62 

Premium notes or loans used in purchase of surrendered 

policies and voided by lapse, 332,060 87 

Cash surrender values, including reconverted additions ap- 
plied in payment of premiums, 96,687 35 

Cash dividends paid policy-holders, applied in payment of 

premiums, 69,438 46 

Premium notes or loans used in payment of dividends, . 157,894 67 



Total paid policy-holders, 



$1,390,989 41 



Cash paid for commissions to agents, .... 

for salaries and travelling expenses of agents, 

for medical examiners 1 fees, 

for salaries of officers and office employes, . 

for taxes and fees, 

for rent, 

for commuting commissions, 

for furniture and office fixtures, . 

for advertising, printing and stationery, 

for office, agency and incidental expenses, . 



Total disbursements, 



Balance, 



$125,377 44 
1'29,873 88 
25,210 86 
57,478 47 
21,853 46 
31,995 81 
18,036 34 
10,712 35 
32,733 88 
53,818 07 



$1,898,079 97 



$8,502,793 55 



Invested in the following : — 



Assets as per Ledger Accounts. 



Cost value of real estate, 

Loans on mortgage of real estate (first liens), . 
Loans on collateral security (schedule A), . 
Loans on company's policies assigned as collateral, 
Premium notes or loans on policies in force, 
Cost value of stocks and bonds owned (schedule B) , 

Cash in company's office, 

Cash deposited in bank, 

Bills receivable, 

Agents 1 ledger balances, 



$275,000 00 

5,418,264 69 

35,676 44 

16,483 50 

2,208,536 83 

269,735 00 

17,995 48 

106,515 57 

74,649 45 

79,936 59 



Ledger assets (as per balance), 



. $8,502,793 55 



Other Assets. 
Interest due and accrued, .... 
Market value of real estate, over cost, . 
Market value of stocks and bonds, over cost, 



$473,347 50 

75,000 00 

7,899 00 



1875.] OF OTHER STATES. 145 

Uncollected premiums on policies in force, . $315,262 88 
Deduct loading (20 per cent.), . . . 63,052 58 
Net am't of uncollected and deferred prem's, $252,210 30 

Total assets per company's books, $9,313,250 35 

Items not Admitted. 

Agents' balances, $79,936 59 

Bills receivable, 74,649 45 

Total, 154,586 04 

Total admitted assets, . $9,158,664 31 

V 

Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (Actuaries' 4 per cent.), . . . $7,774,906 00 

Death losses and matured endowments in process of adjust- 
ment, 142,600 00 

Liabilities as to policy-holders, $7,917,506 00 

Surplus as regards policy-holders, 1,241,158 31 

Gross liabilities, $9,158,664 31 

Premium Note Account. 

Premium notes on hand Dec. 81, 1874, . . $2,313,466 32 
Premium notes or loans received during 

1875, 865,140 05 

Total, $3,178,606 37 

Used in payment of losses and claims, . . $52,762 87 
of surrendered policies and 

voided by lapse, . . 332,060 87 
of dividends to policy-hold- 
ers, 157,894 67 

Redeemed by maker in cash, . . . 427,351 13 

Total 970,069 54 

Balance note assets, December 31, 1875, . . . $2,208,536 83- 

Exhibit of Policies. 
Policies and Additions in force December 31, 1874. 

Number. Amount. 

Whole-life policies 14,100 $36,463,234 00- 

Endowment policies, 7,082 11,510,736 00 

All other policies, 576 1,233,400 00 

New Policies Issued in 1875. 

Whole-life policies, 4,932 10,537,975 00 

Endowment policies, 806 1,114,142 00 

All other policies, . . . . . ..262 479,200 00 

19 



14G 



LIFE INSURANCE COMPANIES [Dec. 31, 



Old Policies Revived during the year. 



Whole-life policies, . 
Endowment policies, 



Old Policies Increased during the year. 

Whole-life policies, 

Endowment policies, 



$16,000 00 
16,750 00 

3,000 00 
13,950 00 



Total number and amount, 



. 27,771 $61,388,387 00 



Policies ceased to be in force during the year. 
Terminated by death, 227 



by maturity, . 

by expiry, . 

by surrender, 

by lapse, 

by change and decrease, 



Not taken, 

Total terminated, 



22 

3 

794 

3,161 

1,442 



1 1,930 00 

45,577 00 

8,000 00 

1,865,548 00 

8,736,898 00 

511,249 00 

2,955,810 00 



5,649 $14,648,012 00 



Policies in force December 31, 1875. 

Whole-life policies, 14,832 $35,301,903 00 

Endowment policies, 6,667 10,172,872 00 

All other policies, 623 1,265,600 00 



Amount loaned. 



Totals, 22,122 $46,740,375 00 



Schedule A. 
Securities held as Collateral. 

Market value. 

51 shares Third Avenue R. R., 

Col., Chicago and Ind. Cen. R. R. bonds, 

Utah Southern R. R. bonds, . 

St. Joseph city bonds, 

100 shares Hartford Fire Ins. Co., 

4 " Norway Plains Co., 

5 " Boston Lead Co., . 
5 " Holyoke Water Power Co., 



$6,630 00 \ 
2,800 00/ 


$7,451 44 


13,600 00^ 
2,000 00/ 


10,000 00 


20,000 00 


13,125 00 


3,000 00 


2,000 00 


5,500 00 


2,500 00 


1,000 00 


600 00 


$54,530 00 


$35,676 44 



Schedule B. 

Stocks and Bonds owned by the Company. 

Cost value. 

$116,907 50 



United States bonds, 

Maine state bonds, 6s, 

Newcastle town (note) bonds, 

Providence city bonds, . 

Richmond city bonds, 

Elizabeth city bonds, 

100 shares Metropolitan Nat. Bank, 



100,200 00 
2,000 00 
11,177 50 
10,250 00 
19,200 00 
10,000 00 



Market value. 

$125,184 00 
101,000 00 
2,000 00 
11,200 00 
10,250 00 
20,000 00 
10,000 00 



$269,735 00 $279,634 00 



1875.] OF OTHER STATES. 147 : 



UNITED STATES LIFE INSURANCE COMPANY, NEW YORK. 

[Incorporated February, 1850. Commenced business March, 1850.] 

Paid-up Capital, $250,000. 

John E. DeWitt, President. Secretary, Chas. P. Fraleigh. 

Actuary, William D. Whiting. 

Principal Office, New York, 

Attorney to' accept service, Walb ridge A. Field, Boston. 

Income. 

Total premium income, $929,304 02 

Cash received for interest and rents, 275,883 04 



Total income, $1,205,187 06 

Net or ledger assets, December 31, 1874, .... 4,211,464 27 



Total, ......... $5,416,651 33 



Disbursements. • 
Cash paid for losses and additions, 

for matured endowments and additions, 

Gross amount paid for losses and endowments, 
Received for losses and claims on policies reinsured, 



$281,186 45 
9,511 42 



$290,697 87 
15,000 00 



Net amount paid for losses and endowments, . . $275,697 87 

Cash paid for surrendered policies and additions thereto, . 276,731 22 
Cash dividends paid policy-holders, applied in payment of 

premiums, 102,532 40 

Total paid policy-holders, . . . $654,961 49 

Cash paid for interest to stockholders, $23,316 66 

for commissions to agents, 158,329 39 

for salaries and travelling expenses of agents, . 404 25 

for medical examiners' fees, 13,803 89 

for salaries of officers and office employes, . . 37,31100 

for taxes and fees, 8,190 37 

for rent, 13,878 87 

for advertising, 15,054 70 

for office, agency and incidental expenses, . . 39,156 37 

Total disbursements, $964,406 99 



Balance, $4,452,244 34 

Invested in the following : — 

Assets as per Ledger Accounts. 

Cost value of real estate, $27,218 52 

Loans on mortgage of real estate (first liens), . . . 2,777,407 19 



148 



LIFE INSURANCE COMPANIES [Dec. 31, 



Loans on collateral security (schedule A), . 

Premium notes or loans on policies in force, . 

Cost value of stocks and bonds owned (schedule B), 

Cash in company's office, 

Cash deposited in bank, . 

Bills receivable, .... 

Agents 1 ledger balances, . . . 



Ledger assets (as per balance), 



Other Assets. 
Interest due and accrued, .... 
Market value of stocks and bonds, over cost, 
Uncollected premiums on policies in force, . 
Deferred premiums on policies in force, 

Total, 

Deduct loading (10 per cent), 

Net ain't of uncollected and deferred prem's, 

Total assets per company's books, . 



$73,950 00 

179,033 07 

1,121,319 22 

3-12 17 

249,868 55 

9,956 38 

13,149 24 

$4,452,244 34 



55,812 33 
27,547 90 



$21,275 70 
110,579 32 

$131,855 02 
13,185 50 



- 118,669 52 
$4,654,274 09 



Items not Admitted. 



Agents' balances, 
Bills receivable, 
Total, 

Total admitted assets, 



$13,149 24 
9,956 38 



23,105 62 
$4,631,168 47 



Liabilities. 

Computed premium reserve or net present 
value of all outstanding policies (Actua- 
ries' 4 per cent.), $4,033,906 00 

Deduct net value of* reinsured risks, . . 49,753 00 

Net premium reserve, . . . . $3,984,153 00 

Death losses and matured endowments in process of adjust- 
ment, 130,670 00 

All other liabilities : premiums paid in advance, $6,750.89 ; 
reserve on lapsed policies, $15,762, 22,512 89 



Liabilities as to policy-holders, 
Surplus as regards policy-holders, . 

Gross liabilities, .... 



$4,137,335 89 
. 493,832 58 

$4,631,168 47 



Exhibit of Policies. 
Policies and Additions in force December 31, 1874. 

Number. Amount. 

Whole-life policies, 8,442 $17,700,548 00 

Endowment policies, 1,934 4,333,647 00 

All other policies, 267 1,039,000 00 



1875.] 



OF OTHER STATES. 



149 



New Policies Issued in 1875. 



Whole-life policies, . 
Endowment policies, 
All other policies, . 



Old Policies Revived during the year. 



Whole-life policies, . 
Endowment policies, 
All other policies, . 



Old Policies increased during the year 



Whole-life policies, . 
Endowment policies, 
All other policies, . 

Total number and amount, 



1,668 


13,491,600 00 


750 


1,258,200 00 


2 


6,500 00 


year. 




62 


124,400 00 


23 


85,000 00 


3 


22,000 00 


year. 




13 


42,000 00 


5 


13,180 00 


5 


10,000 00 



. 13,174 $28,126,075 00 



Policies ceased to be in force during the year. 



Terminated by death, 


. • • 


. 126 


$317,745 00 


by maturity, . 


. 


5 


9,130 00 


by expiry, . 


. . 


3 


13,000 00 


by surrender, 


. 


. 274 


745,130 00 


by lapse, 


. 


. 1,281 


2,852,940 00 


by change an 


d decrease, 


18 


190,080 00 


Not taken, 


• . • i 


. 775 


1,617,400 00 




. 2,482 


$5,745,425 00 



Policies in force December 31, 1875. 

Whole-life policies, 8,543 $17,562,833 00 

Endowment policies, 1,971 4,082,117 00 

All other policies, 178 735,700 00 



Totals, . . 10,692 $22,380,650 00 



United States bonds, 



Schedule A. 

Securities held as Collateral. 

Market value. 

$12,212 50 



" 5-20 bonds, 
Broadway Bank stock, N. Y., . 
Dime Savings Bank stock, Chicago, 
United States Life Ins. Co. stock, . 
United States Trust Co. stock, 
New York State Trust Co. stock, . 
Mortgage assigned on real estate, . 
Policy of Atlas Mut. Life Ins. Co. assigned, 



1,210 00 

25,000 00 

3,000 00 

6,000 00 

16,000 00 

2,500 00. 

100,000 00 

580 00 



Amount loaned. 

$10,000 00 

800 00 

13,000 00 

1,500 00 

18,500 00 

30,000 00 

150 00 



1160,502 50 $73,950 00 



150 



LIFE INSURANCE COMPANIES [Dec. 31, 



Schedule 
Stocks and Bonds owned 



United States bonds, 
New York city bonds, 

" county bonds, 
Brooklyn city park loan, 

" city water loan, 
Buffalo city bonds, . 
Erie county bonds, . 
Jersey City bonds, . 

" water loan, . 

" soldiers' bounty bonds, 

Chicago city bonds, 
So. Norwalk water fund bond, 



B. 

by the Company. 

tost value. 

4,397 12 

130,776 67 

306,500 00 

40,091 68 

163,278 75 

25,000 00 

25,000 00 

5,782 50 

3,855 00 

9,637 50 

48,000 00 

100,000 00 



Market value. 

2,347 12 

146,245 00 

319,500 00 

42,000 00 

172,000 00 

25,250 00 

25,250 00 

5.78S 

3,855 00 

9,637 50 

48,000 00 

100,000 00 



$1,121,319 22 $1,148,867 12 



UNIVERSAL LIFE INSURANCE COMPANY, NEW YORK. 

[Incorporated February, 1865. Commenced business February, 1865.] 

Paid-up Capital, #200,000. 

William Walker, President. Secretary, J. N. Bewley. 

H. J. Furber, Vice-President. Actuary, G. L. Montague. 

Principal Office, New York. 
Attorney to accept service, J. Greene Jones, Boston. 

Income. 

Total premium income $3,153,194 04 

Cash received for interest on stocks, bonds and loans, . . 225,250 93 
for interest on other debts due the company, . 6,221 17 
as discount on claims paid in advance, . . 12 24 

for profits on bonds, stocks or gold sold, . 706 50 

Total income, $3,385,384 88 

Net or ledger assets, December 31, 1874, .... 4,382,582 26 

Total, $7,767,967 14 

Disbursements. 

Cash paid for losses, matured endowments and additions, . $580,137 83 

to annuitants, 1,458 21 

for surrendered policies, 1,379,934 95 

Premium notes or loans used in purchase of surrendered 

policies and voided by lapse, 127,549 78 



. Total paid policy-holders, 



}2,089,080 77 



1875.] 



OF OTHER STATES. 



151 



Cash paid for dividends to stockholders, 

for commissions to agents, .... 
for salaries and travelling expenses of agents, 
for medical examiners 1 fees, .... 
for salaries of officers and office employes, . 

for taxes and fees, 

for rent, 

for furniture and office fixtures, 

for office, agency and incidental expenses, . 

Total disbursements, 

Balance, 



$16,800 00 

330,005 28 

3,978 41 

8,240 61 

60,994 80 

5,334 24 

20,417 05 

314 00 

182,165 45 

$2,717,330 61 

$5,050,636 53 



Invested in the following : — • 

Assets as per Ledger Accounts, 

Cost value of real estate, 

Loans on mortgage of real estate (first liens), 
Loans on collateral security (schedule A), 
Premium notes or loans on policies in force, . 
Cost value of stocks and bonds owned (schedule B), 
Cash in company's office and deposited in bank, . 
Agents 1 ledger balances, . . . . . 



Ledger assets (as per balance), 



$570,777 29 

2,528,569 50 

138,500 00 

1,269,503 84 

311,312 50 

183,173 23 

48,800 17 

$5,050,636 53 



Other Assets. 

Interest due and accrued, 
Market value of stocks and bonds, over cost, 
Uncollected premiums on policies in force, 
Deferred premiums on policies in force, 

Total, 

Deduct loading (15 per cent.), 

"Net am't of uncollected and deferred prem's, 

Total assets per company^ books, . 



*2,246 65 
218,794 85 

$301,041 50 
45,156 23 



167,176 23 
17,937 50 



- 255,885 27 
$5,491,635 53 



Items not Admitted. 
Agents 1 balances, 

Total admitted assets, . ...... 



48,800 17 
$5,442,835 36 



Liabilities. 

Computed premium reserve or net present 
value of all outstanding policies (Actua- 
ries 1 4 per cent.), 

Deduct net value of reinsured risks, 
Net premium reserve, . . 



$5,119,564 00 
17,630 00 



$5,101,93 400 



152 LIFE INSURANCE COMPANIES [Dec. 31, 

Death losses and matured endowments in process of adjust- 
ment, $ 104,992 00 

Premiums paid in advance, 69,801 00 

Liabilities as to policy-holders, .... $5,276,727 00 
Surplus as regards policy-holders, 166,108 36 

Gross liabilities, $5,442,835 36 

Premium Note Account. 

Premium notes on hand Dec. 31, 1874, . . $861,438 26 

Premium notes or loans received during 1875, 550,804 02 

Total, $1,412,242 28 

Used in payment of surrendered policies and 

voided by lapse, $127,549 78 

Redeemed by maker in cash, .... 15,188 66 

Total, 142,738 44 

Balance note assets, December 31, 1875, . . . $1,269,503 84 

Exhibit of Policies. 
Policies and Additions in force December 31, 1874. 

Number. Amount. 

Whole-life policies, . . 7,307 $18,495,182 00 

Endowment policies, 791 1,482,632 00 

Joint-life policies, 118 267,200 00 

Term policies 167 810,000 00 

New Policies Issued in 1875. 

Whole-life policies 4,965 11,615,079 00 

Endowment policies, 1,000 1,830,008 00 

Joint-life policies, 77 140,000 00 

Term policies, 256 709,132 00 

Old Policies Bevived during the year. 

Whole-life policies, . 88 225,000 00 

Endowment policies, 17 30,000 00 

Joint-life policies, 3 16,000 00 

Term policies, 2 10,000 00 

Total number and amount, .... 14,791 $35,630,233 00 

Policies ceased to be in force during the year. 

Terminated by death, 116 $303,245 00 

by maturity, 3 3,500 00 

by expiry, 15 56,500 00 

by surrender, 455 1,254,972 00 

by lapse, 1,892 4,597,985 00 

by change and decrease, ... 9 41,600 00 

Not taken, 365 933,806 00 

Total terminated, 2,855 $7,191,608 00 



1875.] 



OF OTHER STATES. 



153 



Policies in force December 31, 1875. 

Whole-life policies, 13,659 

Endowment policies, 2,973 

Joint-life policies, 480 

Term policies, 365 



$29,765,824 00 

4,253,216 00 

696,068 00 

1,192,132 00 



Totals,* 17,477 $35,907,240 00 



Schedule A. 
Securities held as Collateral. 

Market value. 

50 shares Homoeopathic Life Ins. Co., . . $5,000 00 

200 " People's Gas Co., .... 2,000 00 

10 " Merchants and Traders' Bank, . 1,000 00 
330 " F., G. and J. R. R., 
F., G. and J. R. R. bonds, 

United States bonds, 62,500 00 

65 shares Trades' Deposit Co., . . . 6,500 00 

Co.'s policies assigned, 9,000 00 



} 



Amount loaned. 

$2,500 00 
1,500 00 
1,000 00 

90,500 00 72,000 00 

50,000 00 
5,500 00 
6,000 00 



$176,500 00 $138,500 00 



Schedule B. 

Stocks and Bonds owned by the Company. 

Par value.f 

Brooklyn city bonds, $25,000 00 

United States bonds, 212,000 00 

Virginia state bonds, 67,500 00 

New York state loan, 7s, .... 3,000 00 



Market value. 

$27,500 00 

264,040 00 

34,500 00 

3,210 00 



$307,500 00 $329,250 00 



VERMONT LIFE INSURANCE COMPANY, BURLINGTON, VT. 

[Incorporated October 28, 1868. Commenced business January 1, 1869.] 

Paid-up Capital, $100,000. 

Russell S. Taft, President and Actuary. 

W. I. Gilbert, Vice-President. Secretary, Warren Gibbs. 

Principal Office, Burlington. 
Attorney to accept service, Henry C. Bigelow, Wellesley. 

Income. 

Total premium income, $25,313 38 

Cash received for interest on stocks, bonds and loans, . . 10,275 50 



Total income, . . . . . . . . . $35,588 88 

* Including "Guardian" policies reinsured, 5,541, $7,468,615. 
f Cost value, $311,312.50. 

20 



154 



LIFE INSURANCE COMPANIES [Dec. 31, 

. $151,411 40 



Net or ledger assets, December 31, 1874, 
Total, ...... 



Disbursements. 

Cash paid for losses and additions, 

for surrendered policies, .... 
Premium notes or loans voided by lapse, 
Cash dividends paid policy-holders, applied in payment of 
premiums, 



Total paid policy-holders, 



$4,551 67 



Cash paid for dividends to stockholders, 

for commissions to agents, .... 

for salaries and travelling expenses of agents, 

for medical examiners' fees, .... 

for salaries of officers and office employes, . . 

for taxes and fees, 

for rent, 

advanced to officers or agents, .... 
paid for furniture and office fixtures, 

for advertising, 

for office, agency and incidental expenses, . 

Total disbursements, 

Balance, ' $167,279 44 



$187,000 34 


$1,500 00 


150 00 


555 95 


[ 

2,345 72 


$6,000 00 


1,635 57 


321 33 


111 10 


4,723 53 


71 44 


656 25 


100 00 


250 00 


325 37 


974 64 


$19,720 90 



Invested in the following': — 

Assets as per Ledger Accounts 

Loans on mortgage of real estate (first liens) , 

Loans on collateral security (schedule A), 

Loans on company's policies assigned as collateral, 

Premium notes or loans on policies in force, . 

Cost value of stocks and bonds owned (schedule B) , 

Cash in company's office, 

Cash deposited in bank, . 

Agents' ledger balances, . 

All other assets, .... 



Ledger assets (as per balance), 



Other Assets. 

Interest due and accrued, 

Uncollected premiums on policies in force, 

Deferred premiums on policies in force, 

Total, 

Deduct loading, 

Net am't of uncollected and deferred prem's, 



$6,363 56 

2,784 15 

$9,147 71 

865 49 



$100,820 00 

19,000 00 

100 00 

6,744 81 

20,246 00 

2,755 56 

6,714 09 

100 00 

10,798 98 



$167,279 44 



974 05 



8,282 22 



1875.] OF OTHER STATES. 155 

Furniture and fixtures, $1,250 00 

Total assets per company's books, . 

Items not Admitted. 

Furniture and fixtures, 

Agents 1 balances, 

Total 

Total admitted assets, .... 



. 


$177,785 


71 


$1,250 00 






100 00 








1,350 


00 






. . • 


$176,435 71 



Liabilities. 

Computed premium reserve or net present 
value of all outstanding policies (Actua- 
ries 1 4 per cent.) , . 

Deduct net value of reinsured risks, 
Net premium reserve, 

Death losses in process of adjustment, 

Incidental expenses, 

Liabilities as to policy-holders, 
Surplus as to policy-holders, . 

Gross liabilities, 



,895 50 
614 00 



$70,281 50 

1,000 00 

250 00 



$71,531 50 
104,904 21 



,435 71 



Exhibit of Policies. 

Policies and Additions in force December 31, 1874. 



Whole-life policies, . 
Endowment policies, 
All other policies, . 



Whole-life policies, . 
Endowment policies, 
All other policies, . 



New Policies Issued in 1875. 



Whole-life policies revived during the year, 
Additions by dividends, .... 

Total number and amount, 



Policies ceased to be in force during the year. 

Terminated by death, 

by expiry, . 

by surrender, 

by lapse, 

by change and decrease, 
Not taken, 

Total terminated, 



Number. 


Amount. 


331 


$704,149 00 


121 


166,402 00 


31 


36,449 00 


60 


86,843 00 


24 


58,383 00 


2 


17,740 00 


1 


1,000 00 


- 


734 00 


570 


$1,071,700 00 


he year. 




3 


$3,000 00 


3 


6,000 00 


12 


19,200 00 


61 


107,000 00 


- 


4,500 00 


7 


10,000 00 


86 


$149,700 00 



156 



LIFE INSURANCE COMPANIES [Dec. 31, 



Policies in force December 31, 1875. 

Whole-life policies, 330 

Endowment policies, 124 

All other policies, 30 



Totals, 484 

Schedule A. 

Securities held as Collateral. 



$076,226 00 

197,585 00 

48,189 00 

$922,000 00 



United States 5-20 bonds, 

84 shares Burlington Gas-Light Co., 

70 ' 

10 ' 



50 
30 

50 



National Car Co., . 

u u 

Howard Nafl Bank, Burlington, 

(t (C (C it 

Merchants' Nat 1 ! Bank, " 



Market value. 


Amount loaned. 


82,380 00 


$2,000 00 


2,100 00 ^ 
4,900 00 / 


6,500 00 


700 00 


500 00 


5,400 00 


5,000 00 


3,240 00 \ 
2,400 00 / 


5,000 00 




$21,120 00 


$19,000 00 



Schedule B. 

Stocks and Bonds owned by the Company. 

Cost value. 

Burlington city bonds, $8,200 00 

152 shares Merchants 1 Nat'l Bank, Burlington, 7,296 00 

25 " Howard Nat'l Bank, " . 2,700 00 

82 " Burlington Gas-Light Co., . . 2,050 00 



Market value. 

$8,200 00 
7,296 00 
2,700 00 
2,050 00 



$20,246 00 $20,246 00 



WASHINGTON LIFE INSURANCE COMPANY, NEW YORK. 

[Incorporated January, 1860. Commenced business February 2, I860.] 

Paid-up Capital, $125,000. 

Cyrus Curtiss, President. Secretary, William Haxtun. 

Vice-President and Actuary, W. A. Brewer, Jr. 

Principal Office, New York. 

Attorney to accept service, Chas. W. Holden, Boston. 

Income. 

Total premium income, 8972,449 80 

Cash received for interest on stocks, bonds and loans, . . 267,561 90 

as discount on claims paid in advance, . . 569 78 

for profits on bonds, stocks or gold sold, . 3,021 92 

Total income, $1,243,603 40 

Net or ledger assets, December 31, 1874, . . . .4,084,569 33 



Total, 



65.328,172 73 



1875.] 



OF OTHER STATES. 



157 



Disbursements. 

Cash paid for losses and additions, .... 
for matured endowments and additions, 



Gross amount paid for losses and endowments, 

Cash paid to annuitants, 

for surrendered policies, .... 

Cash dividends paid policy-holders, applied in payment of 

premiums, 



$336,827 99 
14,002 57 



$350,830 56 

846 80 

92,260 89 

165,141 47 



Total paid policy-holders, 



$609,079 72 



Cash paid for dividends to stockholders, 

for commissions to agents, .... 
for salaries and travelling expenses of agents, 
for medical examiners' fees, .... 
for salaries of officers and office employes, . 

for taxes and fees, 

for rent, 

for advertising, 

for office, agency and incidental expenses, . 

Total disbursements, 



Balance, 



$10,476 73 
58,401 79 
14,700 00 

6,834 00 
48,111 95 
11,766 54 

7,500 00 
14,760 17 
30,649 77 

. $812,280 67 

$4,515,892 06 



Invested in the following :— 

Assets as per Ledger Accounts 

Cost value of real estate, 

Loans on mortgage of real estate (first liens), 
Loans on company's policies assigned as collateral, 
Cost value of stocks and bonds owned (schedule A), 

Cash in company's office, 

Cash deposited in bank, 



Ledger assets (as per balance), 



$59,679 74 

2,353,263 87 

11,932 13 

1,825,119 13 

35,602 00 

230,295 19 

$4,515,892 06 



Other Assets. 

Interest due and accrued, 44,136 98 

Market value of stocks and bonds, over cost, . . . 71,930 87 
Uncollected premiums on policies in force, . $53,000 00 
Deferred premiums on policies in force, . . 172,937 26 

Total, $225,937 26 

Deduct loading (10 per cent.), ... 22,59372 

Net am't of uncollected and deferred prem's, 203,343 54 

Furniture and fixtures, 15,000 00 



Total assets per company's books, . 



$4,850,303 45 



158 



LIFE INSURANCE COMPANIES [Dec. 31, 



Items not Admitted. 



Furniture and fixtures, . 
Total admitted assets, 



$15,000 00 



$4,835,303 45 



Liabilities. 

Computed premium reserve or net present value of all out- 
standing policies (Actuaries 1 4 per cent.), . 

Death losses due and unpaid, .... 

Death losses and matured endowments in 
process of adjustment, 

Claims resisted by the company, . 

Total policy claims, 

Unpaid dividends due stockholders, 

Due for salaries, rent and office expenses, 

All other liabilities : premiums paid in advance, 

Liabilities as to policy-holders, 
Surplus as regards policy-holders, . 



Gross liabilities, 



$4,336,192 00 
$10,000 00 

34,000 00 
2,500 00 

\ 6 ^on on 


157 50 

2,729 18 
3,894 66 


$4,389,473 34 
. 445,830 11 





Exhibit of Policies. 
Policies and Additions in force December 31, 1874. 

Number. Amount. 

Whole-life policies, 8,625 $20,463,303 00 

Endowment policies, 2,388 4,534,049 00 

All other policies, 9 24,065 00 



New Policies Issued in 1875. 

Whole-life policies, 1,272 

Endowment policies, 293 

All other policies, 1 

Old Policies Revived during the year. 

Whole-life policies, 176 

Endowment policies, 53 

Old Policies increased during the year. 
Additions by dividends, . 



Total number and amount, 



Policies ceased to be in force during the year. 



Terminated by death, 

by maturity, . 
by surrender, 
by lapse, 

Not taken, 

Total terminated, 



2,615,240 00 
421,685 00 



554,800 00 
120,500 00 



779,208 00 



.12,817 $29,512,850 00 



. Ill 


$301,470 00 


7 


12,900 00 


. 442 


1,276,425 00 


. 877 


2,013,900 00 


. 239 


478,620 00 



1,676 $4,083,315 00 



1875.] 



OF OTHER STATES. 



159 



Policies in force December 31, 1875. 

Whole-life policies, 8,763 

Endowment policies, 2,369 

All other policies, 9 

Reversionary additions, - 



$20,293,623 00 

4,332,639 00 

24,065 00 

779,208 00 



Totals, 11,141 $25,429,535 00 



Schedule A. 

Stocks and Bonds owned by the Company. 

Cost value. Market value. 

United States bonds, 6s, $447,107 50 $487,900 00 

New York state bonds, 7s, ... 101,268 75 103,500 00 

New York city bonds, 7s, ... 1,104,562 50 1,128,150 00 

Brooklyn city bonds, 7s, 159,175 00 163,500 00 

Kingston (N. Y.) coupon bonds, 7s, . . 11,005 38 12,000 00 

Bergen county (N. J.) coupon bonds, 7s, . 2,000 00 2,000 00 



$1,825,119 13 $1,897,050 00 



ACCIDENT INSURANCE COMPANIES 

OF OTHER STATES. 



Detailed Statements of Assets and Liabilities, with Abstract 

of Annual Statements, for the Year ending 

December 31, 1875. 



21 



162 ACCIDENT INSURANCE COS. [Dec. 31, 



DETAILED STATEMENTS OF ASSETS AND LIABILITIES. 



HARTFORD ACCIDENT INSURANCE COMPANY, HARTFORD, 

CONN. 

[Incorporated June, 1874. Commenced business July, 1874.] 

Paid-up Capital, $200,000. 

Wm. A. Healey, President. L. H. Brainard, Secretary. 

Geo. B. Lester, Vice-President. 

Principal Office, Hartford. 

Attorney to accept service, Edmund Fletcher, Boston. 

Income. 

Total premium income, §53,942 09 

Cash received for interest on stocks, bonds and loans, . . 11,130 09 

for interest on other debts due the company, . 1,078 22 

Assessments to repair capital, 39,593 20 

Total income, $105,743 60 

Net or ledger assets, December 31, 1874, .... 188,122 18 



Total, $293,865 78 

Disbursements. 

Cash paid for losses and additions, $12,453 58 

for surrendered policies, 268 26 

for commissions to agents, 13,840 79 

for salaries and travelling expenses of agents, . 8,131 05 

for medical examiners' fees, 447 25 

for salaries of officers and office employes, . . 12,170 09 

for taxes and fees, 2,590 68 

for rent, 3,503 98 

for furniture and office fixtures, .... 402 37 

for advertising, 5,728 99 

for office, agency and incidental expenses, . . 19,850 66 

Total disbursements, $79,387 70 

Balance, $214,478 08 



1875.] 



OF OTHER STATES. 



163 



Invested in the following : — 

Assets as per Ledger Accounts 

Loans on mortgage of real estate (first liens), 
on collateral security (schedule A), . 
Cost value of stocks and bonds owned (schedule B), 
Cash in company's office, 
Cash deposited in bank, . 
Non-resident tax, .... 
Agents 1 ledger balances, 



Ledger assets (as per balance), 



$96,000 00 

19,730 04 

57,741 00 

350 79 

39,176 29 

673 20 

806 76 

$214,478 08 



Other Assets. 

Interest due and accrued, .... 
Market value of stocks and bonds over cost, 
Uncollected premiums on policies in force, . 

Deduct loading, 

Net am't of uncollected and deferred prem's, 
Premiums in course of collection, . 

Total assets per company's books, . 



$3,198 91 
1,394 62 



2,419 11 
1,819 00 



1,804 29 
2,069 24 

$222,589 72 



Items not Admitted. 

Agents 1 balances, 

Premiums in course of collection, . 

Total admitted assets, .... 



$806 76 
2,069 24 



2,876 00 



. $219,713 72 



Liabilities. 
Premium reserve on account of accident risks 

outstanding Dec. 31, 1875 (estimated), . $11,123 85 
Deduct net value of reinsured risks, . . 250 00 

Net reserve, 

Death losses and claims in process of adjustment, 
Due for salaries, rent and office expenses, 

Liabilities as to policy-holders, 
Surplus as regards policy-holders, . 



Gross liabilities, 



,873 85 
5,000 00 
1,000 00 



$16,873 85 
202,839 87 



$219,713 72 



Exhibit of Policies. 

Number. Amount. 

Policies and additions in force December 31, 1874, 824 $2,437,000 00 

New policies issued in 1875, 3,153 8,344,800 00 



Total number and amount, 



3,977 $10,781,800 00 



164 



ACCIDENT INSURANCE COS. [Dec. 31, 



Policies ceased to be in force during the year. 



Terminated by death, 

by expiry, . 
by surrender, 

Total terminated, 
Policies in force December 31, 1875, 



3 
1,133 

56 


$15,000 00 

3,417,800 00 

157,000 00 


1,192 
2,785 


|l -9,800 00 
$7,192,000 00 



Schedule A. 
Securities held as Collateral. 

Market value. Amount loaned. 

United States coupon bonds, .... ?2,450 00 $1,925 00 

50 shares Holyoke Water Power Co., . . 10,500 00 ^ 

200 " Willimantic Linen Co , . . . 15,000 00/ 
20 " Hartford Trust Co., . . . 2,100 00 



Schedule B. 
Stock* and Bonds owned by the Company. 

Cost value. 

Connecticut State coupon bonds, 6s, . . $626 00 

" reg'd bonds, 5s, . . 4 : 240 00 

New York city bonds, 7s, ... '52,875 00 



16,000 00 

1,805 04 



$30,050 00 $19,730 04 



Market value. 

$660 00 

4,400 00 

54,500 00 



$57,741 00 - J, 560 00 



RAILWAY PASSENGERS 1 ASSURANCE COMPANY, HARTFORD, 

CONX. 

[Incorporated May, 1865. Commenced business February, 1866.] 

Paid-IP Capital, §300,000. 

James G. Batterson, President. Secretary, Charles E. Willard. 

Rodney Dennis, Vice-President. 

Principal Office, Hartford. 

Attorney to accept service, C. G. C Plummer, Boston. 

Income. 

Total premium income, $86,517 37 

Cash received for interest on stocks, bonds and loans, . . 33,974 22 
for sale of old safes, 1,250 00 

Total income, S121,741 59 

Net or ledger assets, December 31, 1874, .... 451,598 18 

Total, §573,339 77 



1875.] 



OF OTHER STATES. 



165 



Disbursements 

Cash paid for losses and additions, 

for dividends to stockholders, 

for commission to agents, 

for travelling expenses, . 

for medical examiners 1 fees and loss expense, 

for salaries of officers and office employes, 

for taxes and fees, 

for rent, 

for furniture and office fixtures, 

for advertising, ..... 

for office, agency and incidental expenses, 

Total disbursements, 



Balance, 



$7,016 93 

30,000 00 

26,433 00 

3,249 75 

3,136 36 

17,072 30 

5,615 72 

2,500 00 

50 00 

3,688 55 

10,673 61 



$109,436 22 



$463,903 55 



Invested in the following : — 

Assets as per Ledger Accounts, 

Loans on mortgage of real estate (first liens), 
Loans on collateral security,* .... 

Cost value of stocks and bonds owned (schedule A), 

Cash in company's office, 

Cash deposited in bank, 

Ledger assets (as per balance) , 



$76,000 00 

1,301 00 

369,093 13 

387 61 

17,121 81 



$463,903 55 



Other Assets. 

Interest due and accrued, .... 
Market value of stocks and bonds over cost, . 

Total assets per company's books, . 



1,158 31 
12,000 37 

$477,062 23 



Liabilities. 
Premium reserve on account of accident risks outstanding 

Dec. 31, 1875 (estimated), 

Death losses and claims in process of adjust- 
ment, $12,000 00 

Claims resisted by the company, . . . 14,000 00 

Total policy claims, . 
Due for salaries, rent and office expenses, 
All other liabilities, . . 

Liabilities as to policy-holders, 
Surplus as regards polic}~-holders, 



Gross liabilities, 



$15,000 00 



26,000 00 

210 00 

90 00 



$41,300 00 
435,762 23 



$477,062 23 



* Tax due from non-resident stockholders. 



166 



ACCIDENT INSURANCE COS. [Dec. 31, 



Schedule A. 

Slocks and Bonds owned by the 

United States bonds, 

Connecticut state bonds, . 

Hartford city bonds, 

Springfield (111.) city bonds, 

Chicago water loan, 

J. C. & C. E. Geisendorft" bonds, 

Southern Minnesota R. R. bonds, 

North Missouri R. R. bonds, . 

Mil. and St. Paul R. R. bonds, 

Lake Shore R. R. bonds, . 

Dub. and Sioux City R. R. bonds, 

Hartford, Prov. and Fishkill R. R. bonds, 

Shoe and Leather Nat'l Bank stock, N. Y., 

Amer. Exchange Nat'l Bank stock, " 

Merchants' Exch. Nat'l Bank stock, " 

Fourth Nat'l Bank stock, 

City Nat'l Bank stock, Hartford, 

Hartford Trust Co. stock, 

Conn. Trust Co. stock, . 

L. S. and M. S. R. R. stock, . 

N. Y. C. and H. R. R. R. stock, 

N. Y., N. H. and H. R. R., . 

C, R. I. and P. R. R., . 



Company. 

Cost value. 

$67,682 19 

49,550 50 

10,746 25 

2,048 02 

9,800 00 

10,080 00 

9,234 66 

8,362 50 

9,312 50 

1,000 00 

9,600 00 

4,970 14 

7,560 67 

11,414 00 

11,125 00 

10,312 50 

20,716 75 

12,056 20 

15,000 00 

32,537 00 

• 10,075 00 

34,799 00 

11,110 25 



Market value. 

$77,177 50 

56,700 00 

11,000 00 

2,000 00 

10,300 00 

10,000 00 

7,000 00 

9,200 00 

9,400 00 

1,000 00 

10,800 00 

5,000 00 

10,298 00 

11,600 00 

8,320 00 

9,700 00 

22,000 00 

12,430 00 

14,850 00 

25,095 00 

10,475 00 

36,250 00 

10,500 00 



$369,093 13 $381,093 50 



TRAVELERS' INSURANCE COMPANY (ACCIDENT DEPART- 
MENT), HARTFORD, CONN. 

[Incorporated June 17, 1863. Commenced business April, 1864.] 

Paid-up Capital, $600,000. 

James G. Batterson, President. Secretary, Rodney Dennis. 

Gustavus F. Davis, Vice-President. Actuary, George Ellis. 

Principal Office, Hartford. 
Attorney to accept service, C. G. C. Plummer, Boston. 

Income. 

Total premium income, f 596,979 54 

Cash received for interest on stocks, bonds and loans, . . 71,396 80 

for interest on other debts due the company, . 1,308 15 

as discount on claims paid in advance, . . 137 46 

for profits on bonds, stocks or gold sold, . 2,615 72 

Total income, $672,437 67 

Net or ledger assets, December 31, 1S74, .... 1,016,848 40 



Total, 



$1,689,286 07 



1875.] 



OF OTHER STATES. 



167 



Disbursements. 
Cash paid for losses and additions, . . 
for dividends to stockholders, 
for commissions to agents, .... 
for salaries and travelling expenses of agents, 
for salaries of officers and office employes, . 

for taxes and fees, 

for rent, 

for furniture and office fixtures, 

for advertising, 

for office, agency and incidental expenses, . 

Total disbursements, 



Balance, 



$188,813 23 

66,000 00 

169,487 69 

51,558 24 

31,056 63 

8,518 27 

17,977 18 

897 49 

25,410 15 

41,846 23 

. $601,565 11 

$1,087,720 96 



Invested in the following : — 

Assets as per Ledger Accounts. 

Loans on mortgage of real estate (first liens), 

Cost value of stocks and bonds owned (schedule A), . 

Cash in company's office, 

Cash deposited in bank, 



Ledger assets (as per balance), 



. $219,900 00 

. 826,759 62 

984 91 

40,076 43 

$1,087,720 96 



Other Assets. 

Interest due and accrued, . 

Market value of stocks and bonds over cost, . 

Total assets of Accident Department, 
Total assets of Life Department, 



Gross assets, 



8,723 00 
51,610 38 

$1,148,054 34 
. 2,534,644 85 

$3,682,699 19 



Liabilities. 
Premium reserve on account of accident risks outstanding 

Dec. 31, 1875 (estimated), $169,417 45 

Death losses and claims in process of adjust- 
ment, $55,500 00 

Claims resisted by the company, . . . 38,000 00 

Total policy claims, 93,500 00 

Due for salaries, rent and office expenses, .... 5,000 00 



Liabilities as to policy-holders in Accident Department, $267,917 45 
Liabilities as to policy-holders in Life Department, . 2,289,695 00 



Gross liabilities, .... 
Surplus as regards policy-holders, . 



$2,557,612 45 
$1,125,086 74 



168 ACCIDENT INSURANCE COS. [Dec. 31, 

Exhibit of Policies.' 

Number. Amount. 

Accident policies in force December 31, 1874, . 30,324 $96,294,200 00 

New policies issued in 1875, 32,857 100,224,000 00 



Total, 



Policies ceased to be in force during the year. 



Terminated by death, 

by expiry, . 

Total terminated, 
Policies in force December 31, 1875, 



63,181 $196,518,200 00 



42 $136,100 00 
. 33,365 105,645,550 00 



. 33,407 $105,781,650 00 
. 29,774 $90,736,550 00 



Schedule A. 
Stocks and Bonds owned by the 

United States bonds, 6s, . 
United States 5-20 bonds, 
Connecticut state bonds, . 
Tennessee state bonds, . 
Virginia state bonds, 
West Virginia certificates, 
Elizabeth city bonds, 
Chicago water loan bonds, 
Indianapolis city bonds, . 
Mich. So. and No. Ind. R. R. bonds, 
Lake Shore and Mich. So. R. R. bonds, 
Indianapolis and Cinn. R. R. bonds, 
Chicago and No. Western R. R. bonds, 
Chicago, Rock I. and Pacific R. R. bonds, 
Milwaukee and St. Paul R. R. bonds, 
Keokuk and Des Moines R. R. bonds, 
N. Y., Providence and Boston R. R. bonds, 
Hartford, Prov. and Fishkill R. R. bonds, 
New Jersey Central R. R. bonds, . 
140 shares Lake Shore and Mich. So. R. R., 
500 " N. Y., N. H. and Hartford R. R., 
200 " Morris and Essex R. R., . 
100 " New Jersey Central R. R., . 
100 " N. Y. C. and H. River R. R., 
200 " Del., Lacka. and Western R. R., 
433 " American Nat'l Bank, Hartford, 
200 " City Nat'l Bank, Hartford, . 
300 " Phoenix Nat'l Bank, Hartford, 
300 " Farmers' and Mechanics 1 Nat 

Bank, .... 
200 " Mercantile Nat'l Bank, 
500 " Hartford Nat'l Bank, . 



Company. 

Cost value. 

$3,210 00 

321,764 46 

45,289 66 

26,677 50 

15,319 60 

4,909 30 

9,593 33 

19,200 00 

7,766 66 

10,682 50 

1,000 00 

12,090 00 

10,312 50 

9,550 00 

9,462 50 

3,600 00 

9,597 22 

14,396 78 

2,733 77 

11,552 09 

77,239 00 

9,588 00 

10,325 00 

10,412 50 

9,825 00 

25,058 50 

21,744 00 

40,779 25 

38,037 25 
20,182 00 
79,893 63 



Market value. 

$3,690 00 

370,880 00 

45,450 00 

12,910 00 

18,270 00 

1,170 00 

9,300 00 

20,600 00 

9,000 00 

10,100 00 

1,020 00 

11,440 00 

10,000 00 

11,000 00 

9,700 00 

6,000 00 

10,000 00 

15,150 00 

3,300 00 

8,400 00 

73,500 00 

10,500 00 

10,600 00 

10,400 00 

12,000 00 

32,475 00 

22,000 00 

48,600 00 

40,500 00 
26,000 00 
81,000 00 



1875.] 



OF OTHER STATES. 



169 



100 shares New Britain Nat'l Bank, 


$11,500 00 


$13,000 00 


200 


u 


Thames Nat'l Bank, Norwich, 


24,600 00 


26,000 00 


150 


u 


Fourth National Bank, N. Y., 


14,112 50 


14,250 00 


100 


(( 


Metropolitan Nat'l Bank, N. Y., 


13,612 50 


13,200 00 


100 


It 


American Exchange Nat'l Bank 










N. Y., 


11,413 00 


11,500 00 


160 


(( 


Merchants' Exchange Nat'l Bank 










N. Y., 


11,156 25 


8,640 00 


100 


(( 


Nassau Nat'l Bank, N. Y., . 


11,000 00 


10,300 00 


100 


It 


National Bank of the Common- 










wealth, 


11,212 75 


11,300 00 


1,560 


u 


Railway Pass. Assur. Co., . 


153,974 50 


156,000 00 


125 


tc 


Hartford Trust Co., . 


13,191 25 


13,750 00 


200 


(I 


Conn. Trust and Safe Deposit Co. 


20,400 00 


19,600 00 


50 


l( 


Security Company, 


5,000 00 


4,750 00 



.,192,964 75 §1,257,245 00 



22 



LIFE AND ACCIDENT 

INSURANCE COMPANIES 

OF OTHER STATES 

Authorized to do Business in Massachusetts, with the Agents 

acting for the same, and the amount of business 

done by each agent, for the year 

ending October 31, 1875. 



172 



AGENTS OF LIFE INSURANCE [Oct. 31, 



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1875.] COMPANIES OF OTHER STATES. 



175 



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23 



AGENTS AND SUB-AGENTS. 



180 



AGENTS AND SUB-AGENTS. 



LIST OF AGENTS AND SUB-AGENTS 



AUTHORIZED AT DATE OF PUBLICATION OF THIS REPORT. 



[Agents marked *.] 



^TNA, Hartford, Coxx. 



♦Dwight Chester, . 
Ivory S. Cornish, . 
Lewis E. Waterman, 
S. C. Willis, . 



Boston. 

New Bedford. 
Boston. 
N. Oxford. 



G. D. Richardson, 
P. C. Headley, . 
T. R. Vestal, 



*S. Cushing, Jr., . 
♦Charles E. Bradford, 
♦H. W. Bush, 



AMERICAN POPULAR, New York. 
Boston. ♦Rufus G. Walden, 



Peabody. 

W. Brookfield. 



♦S. C. Warriner, 



♦J. C. Clapp, 



H. M. Palmer, . 
*George Marks, . 
James Sherman, . 
Charles Greenwood, 
W. Ward Tuttle, . 
F. W. Palmer, . 
Andrew S. Briggs, 
J. Dwelley, . 
James F. Davis, . 
Thomas W. Fuller, 
William P. Hood, 
♦C. C. Tracy, 
♦E. C. Whittlesey, 
*A. W. Selkirk, . 
James 0. Parker, 
J. G. Albro, . 
John Brown, 
Lawrence Bucklin, 
Levi Cleaves, 
George P. Daniels, 
George^C. Fenn, . 
Ira N. Goddard, . 



ATLANTIC MUTUAL, Albany, N. Y. 
. Boston. | *Charles Almy, • . 



CHARTER OAK, 

. Boston. 
. Haydenville. 
. Boston. 
. Boston. 
. Boston. 

Boston. 
. Taunton. 
. W. Scituate. 
. Barre. 
. New Bedford. 

Somerset. 
, Northampton. 
. Worcester. 
. Gt. Barrington. 

Methuen. 
, N.Attleborough 
. Medford. 

Springfield. 

Rockport. 

Salem. 

Ware. 

Milbury. 



Hartford, Coxx. 
William M. Harding, 
Francis Norton, . 
B. A. Nourse, 
N. W. Preston, . 
S. S. Trefry, 
A. E. Mack, 
William S. Danforth, 
Frank Thatcher, . 
J. E. Porter, 
J. R. Perkins, 
W. A. Webster, . 
James M. Hollis, 
Elias L. Cardell, . 
William Abbott, . 
Dan'l A. Keyes, . 
♦G. B. Hilliard, . 
E. A. Hilliard, . 
J. H. Goodspeed, . 
Geo. F. Mellen, . 
A. D. Skinner, 
Jos. F. Fowler, . 



Springfield. 
Boston. 
Fall River. 



N. Adams. 
Springfield. 



New Bedford. 



Assabet. 

Springfield. 

Westborough. 

E. Douglas. 

Marblehead. 

Lawrence. 

Plymouth. 

Hyannis. 

N. Brookfield. 

Brockton. 

Westford. 

Springfield. 

Lowell. 

Andover. 

Providence. 

Boston. 

Boston. 

Athol. 

Fall River. 

Fall River. 

Boston. 



CONNECTICUT GENERAL, Hartford, Coxx. 



*H. S. Bacon, 
♦B. A. Ball, . 
♦E. G. Field, 
♦Edwin Tilden, 



Milford. 
Worcester. 
Amherst. 
Hyde Park. 



♦Alfred Laws, . . Brockton. 
♦A. D. Haynes, . . Lawrence. 
♦James M. Cushman, . Taunton. 



AGENTS AND SUB-AGENTS. 



181 



CONNECTICUT MUTUAL, Hartford, Conn. 



*Edwin Ray, 
P. W. Taft, . 
E. A. Stone, . 
H. N. Jones, 
Albert P. Sawyer 
"William Lincoln, 
J. C. Chaffee, 
Adams Daniels, 
Daniel Upton, 
William Elliott, 
Samuel E. Howe, 
Samuel J. Lyons, 
Seth Pooler, . 
John M. Turner, . 
A. C. Chadwick, . 
Albert Ellis, . 
John S. Roraback, 
A. P. Newman, . 
Ladd Bros. & Co., 
*L. L. Barnard, . 
*Elisha Risley, . 
H. M. Huggins, . 



Boston. 

Boston. 

Marblehead. 

Kingston. 

Newburyport. 

"Warren. 

Lee. 

Franklin. 

So. Adams. 

Greenfield. 

Pittsfield. 

Greenfield. 

Fall River. 

Northampton. 

Lawrence. 

Boston. 

Boston. 

Boston. 

Springfield. 

Fall River. 

Springfield. 

Sheffield. 



S. A. Stacey & Son, 
J. C. Hammond, . 
E. G. Field, . 
Loring W. Puffer, 
Smith & Wheeler, 
H. W. Billings, . 
R. B. Johnson, 
William S. Danforth, . 
J. J. Warren, 
Andrew L. Bush, . 
Thomas M. James, 
Pynchon, Marsh & Lin- 
coln, . . . . 
S. H. Skerry & Co., . 
Isaac Washburn, 
A. C. Morse, 
Albert Little, 
John C. Parker, 
M. C. Ware, 
Wm. Lincoln & Son, 
Julius F. Hartwell, 
H. H. Wellington, 



Gloucester. 

Taunton. 

Amherst. 

Brockton. 

Worcester. 

Conway. 

Holyoke. 

Plymouth. 

Brimfield. 

Westfield. 

New Bedford. 

Springfield. 

N. Brookfield. 

Taunton . 

Sturbridge. 

Auburndale. 

Pittsfield. 

E. Medway. 

Boston. 

Springfield. 

Adams. 



CONTINENTAL, Hartford, Conn. 



*W. S. Chamberlain, . Boston. 

W. H. C. Bubier, . . Boston. 

C. B. Magee, . . Boston. 

M. R. Stoops, . . Boston. 



Thomas Upton, 
Luther Angier, 
Edgar E. Mann, 



Fitchburg. 

Medford. 

Lawrence. 



CONTINENTAL, New York. 



*Barnard Bros., . 


. Boston. 


J. M. Lumbert, . 


W. Falmouth 


D. H. Bills, . 


. Quincy. 


S. C. Bassett, 


E. Wareham. 


James H. Coleman, 


. Cotuit Port. 


James L. Partridge, 


Lawrence. 


C. M. Moody, 


. Greenfield. 


D. R. Wallace, . 


Lowell. 


D. L. Pettigrew, . 


. Worcester. 


Byron Stevens, . 


Brunswick. 


E. W. Stone, 


. Boston. 


Henry Brown, 


Brunswick. 


S. Y. Wallace, . 


. Lawrence. 








EQUITABLE 


, New York. 




*Henry T. Blodgett, 


. Boston. 


* James Hurd, 


Lowell. 


N. Warren, . 


. Boston. 


W. A. S. Smythe, 


Worcester. 


H. T. Blodgett, Jr., 


. Boston. 


F. D. Russell, 


Lowell. 


C. T. Canterbury, 


. Boston. 


A. C. Palmer, 


Boston. 


Chas. Canterbury, 


. Boston. 


G. B. Richmond, . 


New Bedford. 


Luke C. Coe, 


. Boston. 








GERMANIA 


New York. 




*F. Krause, . 


. Boston. 


Ernest L. Bartholmes, . 

• 


Springfield. 




GLOBE MUTUj 


SJu, New York. 




*C. W. Carter, . 


. Quincy. 


Jacob Fox, . 


Boston. 


A. W. Haynes, . 


. Still River. 


Jones Frankle, 


Haverhill. 


P. K. Gage, . 


. Holliston. 







182 



AGENTS AND SUB-AGENTS. 



HARTFORD ACCIDENT. Hartford, Conn. 



♦Edmund Fletcher, 


Boston. 


Peck & Pierce, 


Northampton. 


Fletcher & Hall, . 


Boston. 


B. F. Carter & Co., 


Newbury port. 


John Pryor, . 


Boston. 


James G. Allen, . 


Palmer. 


C. F. Whitaker, . 


North Adams. 


Myron L. Henry, 


Warren. 


Osgood & Eaton, . 


Lowell. 


George B. Perry, . 


N. Adams. 


John E. Huntress, 


South Boston. 


Fowler & Kendall, 


Salem. 


M. F. Plimpton & Co., 


Fitchburg. 


J. M. Shepard, Jr., & 




John W. Fairbanks, . 


Westborough. 


Co., .... 


Fall River. 


Homer M. Daggett, Jr., 


Attleborough. 


Park & Haven, . 


Worcester. 


J. B. Bonnell, 


Worcester. 


Wood Bros. & Stratton, 


Hudson. 


Aaron R. Morse, . 


Haydenville. 


Moses H. Pease, . 


Lee. 


S. A. Williams, . 


Taunton. 


P. S. Trumble, . 


Palmer. 


E. H. Hay ward, . 


Ayer. 


W. H. Page, 


Haverhill. 


Mann & Hutchins, 


Lawrence. 


Seth Mann, 2d, . 


Randolph. 


H. W. Bush, 


W. Brookfield. 


M. F. Rogers, Jr., 


Lynn. 


F. A. Judd, . 


Springfield. 


W. G. Potter, 


Turner's Falls. 


Samuel J. Lyons, . 


Greenfield. 


W. A. Fuller, 


Springfield. 


M. J. Horton, 


Boston. 


F. E. Sager, . . 


Holliston. 


Thomas C. Bidwell, . 


Springfield. 


P. K. Andrews, . 


Boston. 


George H. Newton, 


Monson. 


James Machell, . 


Lawrence. 


S. R. Barton & Co.. . 


Webster. 


Jacob Bates, 


So. Abington. 


Browning & Brown, . 


Holyoke. 


Issacher Lefavour, 


Beverly. 


Stillman P. Marsh, 


Chelsea. 


H. S. Hulbert, . 


Gt. Barrington 


HARTFORD LIFE AND A 


NNUITY, Hartford, Conn. 


*E. Fletcher, 


Boston. 


J. W. Woodruff, . 


Auburndale. 


Nathaniel Haley, 


Boston. 


Hubert M. Coney, 


Ware. 


James H. Greenwood, . 


Gardner. 


C. J. Parkhurst, . 


No. Adams. 


John Q. Hill, 


Worcester. 







HOME, New York. 



* James M. Burgess, . Boston. 



HOMOEOPATHIC MUTUAL, New York. 



*Henry Hale, 
J. B. Hanners, 
Hollis K. Bennett, 
E. S. Pixley, 



Hyde Park. 
Walpole. 
Fitchburg. 
Pittsfield. 



*Charles G. Stevens, 
H. Van Campen, . 
John T. Hall, 
F. W. Lameris, . 



Clinton. 
New Bedford. 
Plymouth. 
Springfield. 



KNICKERBOCKER, New York. 
*Francis A. Howard, . Boston. | *Wallace D. Williams, Boston. 



LIFE ASSOCIATION, St. Louis, Mo. 



*Geo. 0. Carpenter, 
Francis Marsh, Jr., 
Edmund R. Fowler, 
E. A. Williard, . 



*J. Mason Everett, 
Arthur H. Jones, . 
H. Van Campen, . 
C. W. Holden, . 



Boston. 


B. G. Barto, . 


Worcester. 


Boston. 


Seymour L. Granger, . 


Southwick. 


Springfield. 


George H. Conn, . 


Woburn. 


Boston. 


A. J. Warren, 


Maiden. 


MANHATTAN 


^, New York. 




Boston. 


Augustine Burt, . 


Springfield. 


N. Adams. 


Henry B. Pierce, . 


Abington. 


New Bedford. 


E. M. Bickford, . 


Sherborn. 


Boston. 







AGENTS AND SUB-AGENTS. 



183 



METROPOLITAN, New York. 



*W. H. C. Bubier, 


. Boston. 


*Alvah Harvey, . 


♦N. Adams. 


*W. D. Arnold, . 


. East Abington. 


*Geo. A. Hill, . 


Springfield. 


*F. H. Rummell, . 


. Florence. 




» 




MUTUAL, 


New York. 




*Amos D. Smith, 1 


Jd, . Boston. 


E. H. Abbott, 


Boston. 


J. B. Bonnell, 


. Worcester. 


A. S. Briggs, 


Taunton. 


William R. Gordon, . Beverly. 


A. D. Miner, 


N. Adams. 


Geo. L. Woods, . 


. Springfield. 


S. D. Howland, . 


Fall River. 


William P. Hood, 


. Somerset. 


William S. Greene, 


Fall River. 


B. W. Smith, 


. Newton. 


J. A. Remington, . 


Fall River. 


N. B. Perkins, . 


. Salem. 


J. B. Anthony, 


Boston. 


R. B. Robinson, . 


. Westfield. 


James M. Colton, 


Boston. 


Frank E. Manley, 


. Lowell. 


B. D. Chase, 


Boston. 


E. W. Hunt, 


. Weymouth. 


Susan A. Harriman, . 


Boston. 


Franklin Whipple 


. Worcester. 


Samuel D. Green, 


Chelsea. 


James Oliver, 


. Lynn. 


J. W. Allen, . 


Maplewood. 


Henry White, 


. Springfield. 


M. N. Wheelwright, . 


Newton. 


Gilford Morse, 


. Springfield. 


Reuben Nickerson, 


Orleans. 


Charles Hovey, . 


. Lowell. 


Chas. G. Stevens, 


Clinton. 


F. L. Gilman, 


. New Bedford. 


Moses H. Pease, . 


Lee. 


R. W. Grinnell, . 


. New Bedford. 








MUTUAL BENEF 


n, Newark, N. J. 




*J. B. Niver, 


. Boston. 


W. H. S. Jordan, . 


Boston. 


John S. Winn, 


. Boston. 


James H. McFarland, . 


Boston. 


Edward A. Thoma 


s, . Amherst. 


John T. Hall, 


Plymouth. 


George -W. Allen, 


. Amherst. 


J. S. Tileston, 


Hingham. 


Joshua Merrill, . 


. Lowell. 


Benjamin W. Russell, . 


Salem. 


Silsbee & Pickford 


1, . Lynn. 








NATIONAL, M 


ontpelier, Vt. 




*James T. Phelps, 


. Boston. 


*S. A. Childs, 


Fitchburg. 


*E. S. Merrill, . 


. Winchendon. 


*Charles D. Tucker, . 


Worcester. 


*Aaron R. Morse, 


. Haydenville. 


Ichabod Carver, . 


Plymouth. 


Clesson S. Chadwi 


ck, . Concord. 






NA 


riONAL OF THE U. 


S. A., Washington, D. 


C. 


*E. J. Long & Co., 


. Boston. 


Byron Porter, 


Springfield. 


*George L. Dix, . 


. Boston. 


Thomas C. Kennedy, . 


East Boston. 


Asa Millett, . 


. E. Bridgewater. 


Milo Stowell, 


Hinsdale. 


Amos Andrews, . 


. Holyoke. 


H. W. Bush, 


W. Brookfield 



NEW JERSEY MUTUAL, Newark, N. J. 
*Francis S. Dyer, . Boston. 



NEW YORK, New York. 



♦Stocking & Austin, 
N. B. Chadsey, . 
Fred. W. Masters, 
D wight Wheelock, 



Boston. 
Boston. 
Boston. 
Boston. 



*Jarvis Rockwell, 
*John L. Graves, . 
*James Melanefy, 
James Kelley, 



N. Adams. 
Springfield. 
Worcester. 
Fall River. 



NORTHWESTERN NATIONAL, Milwaukee, Wis. 



*E. J. Smith, . . Boston. 
Thomas E. Lambert, . Boston. 
William P. Gannett, . Boston. 



John Pryor, . . . Boston. 
J. W. Guiteau, . . Boston. 
L. E. Waterman, . . Boston. 



184 



AGENTS AND SUB-AGENTS. 



PENN MUTUAL, Philadelphia, Pen*. 
♦Lewis G. Lowe, . . Boston. | F. J. Hamblin, . 



PHCENIX MUTUAL, Hartford, Conn. 



♦William H. Guild, 
John K. Norwood, 

F. C. Parker, 
Frank W. Wheeler, 
S. S. Hubbard, . 
William Stiles, 
*G. E. Holloway, 

G. A. Lang worthy, 
*D. W. Bartlett, . 



Boston. 

Lawrence. 

Pittsfield. 

Lowell. 

Newburyport. 

Westfield. 

Hartford. 

Boston. 

Worcester. 



B. G. Barto, . 
John S. Roraback, 
J. M. Stevenson, . 
Henry M. Huggins, 
Elisha S. Fuller, . 
Luther G. Pitman, 
J. A. Bond, . 
G. E. Pendleton, . 
L. A. Watkins, . 



Somerville. 



Worcester. 

Boston. 

Pittsfield. 

Sheffield. 

Hoi lis ton. 

Marblehead. 

N. Adams. 

Hartford. 

Hartford. 



PROVIDENT LIFE AND TRUST, Philadelphia, Penn. 

♦Gilbert C. Hoag, . Boston. I W. H. Starr, . . Boston. 

E. P. Frost, . . . Boston. ' S. C. Tozzer, . . Lynn. 

PROVIDENT SAVINGS LIFE ASSURANCE SOCIETY, New York. 

♦Stephen P. Wardwell, Boston. I N. B. Chadsey, . . Boston. 

♦Arthur M. Tinker, . N. Adams. ' Jas. S. Walker, . . Boston. 



RAILWAY PASSENGERS', Hartford, Conn. 



♦C. G. C. Plummer, 


. Boston. 


E. B. Sears, . 


. Amher>t. 


C. H. At wood, 


. Boston. 


Charles H. Davis, 


. Lawrence. 


George Angier, . 


. Boston. 


William Barnes, 


. Marlborough. 


B. Smith, . 


. Boston. 


A. C. Munroe, 


. Worcester. 


T. E. Bond, . 


. Boston. 


Andrew S. Briggs 


, . Taunton. 


C. A. Faxon, 


. Boston. 


M. M. Howard, 


. Greenfield. 


Foss & Hall, 


. Boston. 


F. A. Judd, . 


. Springfield. 


James Mills, 


. Boston. 


E. J. Crossman, 


. Lowell. 


Edwin Mercer, . 


. Boston. 


S. L. Batchelder, 


. Salem. 


L. H. Palmer, 


. Boston. 


A. A. Davis, . 


. Lynn. 


E. A. Danielson, . 


. Boston. 


H. A. Goodenough, . Northampton. 


Walter Clapp, Jr., 


. Boston. 


Walter Raymond 


, . Boston. 


James S. Smith, . 


. Boston. 


A. A. Smith, 


. Boston. 


Stearns Bros., 


. Boston. 


J. H. Stannard, 


. Lawrence. 


A. P. Jones, . 


. Boston. 


R. B. Robinson, 


. Westfield. 


George M. Roberts, 


. Boston. 


Daniel F. Viles, 


. Waltham. 


W. M. Loring, . 


. Boston. 


H. S. Harris, 


. Taunton. 


H. G. Foulkes, . 


. Boston. 


A. Van Deusen, 


. Stock bridge. 


James A. Farley, . 


. Boston. 


H. A. Bowen, 


. Shelburne Falls 


F. H. Smith, 


. Boston. 


B. A. Hathaway, 


. Plymouth. 


C. F. Kendall, . 


. Boston. 


John T. Hall, 


. Plymouth. 


Rob't Rand, . 


. Boston. 


G. S. Brooks, 


. Orange. 


Chas. E. Fish, . 


. Palmer. 


Hatch & Co., 


. New Bedford. 


C. F. H. White, . 


. Fall River. 


H. Van Campen, 


. New Bedford. 


Geo. E. Underwood, 


. Ayer. 


F. L. Gilman, 


. New Bedford. 


J. E. Wood, . 


. Worcester. 


John K. Norwood 


, . Lawrence. 


Aug. Coolidge, 


. Worcester. 


Daniel Hooke, 


. Haverhill. 


Albert Hyde, 


. Pittsfield. 


W. H. Mansfield, 


. Gt. Barrington. 


Charles B. Dennis, 


. Fitchburg. 


Henry E. Pond, 


. Franklin. 


A. L. Sessions, 


. Northampton. 


Daniel Upton, 


. S. Adams. 


Albert D. Swan, . 


. Lawrence. 


W. W. Kidder, 


. Brockton. 


J. W. Gay, Jr., . 


. Winchendon. 


A. K. Slade, Jr., 


. Fall River. 


W. A. Tiiton, 


. Ashland. 


William Martin, 


. N. Adams. 



AGENTS AND SUB-AGENTS. 



185 



RAILWAY 

Henry A. Brown, 
H. W. Brackett, 
H. C. Church, 
C. M. Ruggles, 
J. Barnard, . 
R. C. Clark, . 
B. Ockington, 
H. G. Gilmore, 
H. E. Moseley, 
Ladd Bros. & Co., 



PASSENGERS', 
Salem. 
Lowell. 
Lowell. 
Worcester. 
Worcester. 
Sandwich. 
S. Deerfield. 
Springfield. 
Springfield. 
Springfield. 



Hartford, Conn. — Continued. 



D. B. Hunt, . 
William F. Johnson, . 
A. T. Caswell, . 

E. L. Cogswell, . 

W. W. Ward, . - . 

J. H. Daniel, 

S. D. Howland, . 

Henry Scott, 

Edward E. Belding, . 

Hunt Bros., . 



Northampton. 

Lynn. 

Lowell. 

Lee. 

Holyoke. 

Fitchburg. 

Fall River. 

Chicopee. 

Chicopee. 

Athol. 



SECURITY LIFE AND ANNUITY, New York. 
♦Fletcher & Bonney, . Boston. | 0. J. Gilman, . . Lowell. 



Mark Pitman, 



*C. G. C. Plummer, 
H. C. Church, 
Wm. Lincoln & Co., 
R. B. Robinson, . 
J. C. Hammond, . 
H. J. Dunham, . 

E. Y. B. Holcomb, 
Samuel Porter, . 
Henry B. Peirce, . 
Benjamin F. Brown, 
S. D. Webster, . 
H. B. & N. H. Hunt, 
Porter Underwood, 
H. Van Campen, . 
Franklin Whipple, 

F. L. Chapin, 
Waldo Johnson, 
R. G. Walden, 
Edwin Mercer, 
James O. Parker, 
H. M. Puffer, 
J. H. Stannard, 
R. D. Chase, 
F. L. Gibnan, 
Samuel E. Howe, 
John M. Turner, 
Daniel S. Whitney, 
S. D. Howland, 
F. M. Hay den, 
Chapin & Williams, 
E. F. Adams, 
R. E. Farwell, 
Daniel F. Viles, 
D. L. Mitchell, 



*H. S. Washburn, 
D. L. Gallup, 
A. D. Lathrop, 
Nelson Barrows, . 



Boston. 

TRAVELERS', 

Boston. 

Lowell. 

Warren. 

Westfield. 

Taunton. 

Stockbridge. 

Chicopee Falls. 

Beverly. 

Abington. 

Boston. 

Lawrence. 

Athol. 

Holyoke. 

New Bedford. 

Worcester. 

Southbridge. 

Webster. 

North Adams. 

Boston. 

Methuen. 

Shelbume Falls. 

Lawrence. 

Orange. 

New Bedford. 

Pittsfield. 

Northampton. 

Southborough. 

Fall River. 

Boston. 

Greenfield. 

Haverhill. 

Natick. 

Waltham. 

Taunton. 



I Abner Rice, . 

Hartford, Conn. 

Chs. G. Stevens & Son, 
Geo. E. Underwood, . 
N. S. Kimball, . 
Andrew S. Briggs, 
Thomas C. Collins, 
Daggett & Richardson, 

A. C. Munroe, 
Royal E. Farwell, 
Augustus Cooledge, 
Charles B. Dennis, 
Noah Chesman, . 
John Edwards, 

H. L. Follansbee, 

E. Brimhall, 
SiJsbee & Pickford, 
Fred. M. Esty, . 
H. G. Lee, . 
Oliver Walker, 
Holmes & Gilmore, 
S. F. Woodman, . 
Chapin & Williams, 
William Barnes, . 
Charles S. Lincoln, 
Reynard, Remington & 

Co., . 

F. A. Francis, 
Henry A. Brown, 
E. M. Phillips, 

B. H. Dorman, 
A. B. Root & Co., 

G. A. Christie, 
Piper & Sawyer, 
E. P. Parsons, 



UNION MUTUAL, Augusta, Me. 



Boston. 
Boston. 
Barnstable. 
S. Carver. 



C. H. Pierce, 
F. Raymond, 
E. G. Scott, . 
J. C. Beun, . 



Worcester. 



Clinton. 

Aver. 

Haverhill. 

Taunton. 

Middleborough. 

Attleborough. 

Worcester. 

Natick. 

Worcester. 

Fitchburg. 

Brockton. 

Lawrence. 

Gloucester. 

Clinton. 

Lynn. 

Framingham. 

Boston. 

Northampton. 

Springfield. 

Boston. 

Deerfield. 

Marlborough. 

Warren. 

Fall River. 

Pittsfield. 

Salem. 

Southbridge. 

Lynn. 

Pittsfield. 

Northampton. 

Newburyport. 

Lynn. 



Northampton. 
Boston. 
Boston. 
Boston. 



24 



186 



AGENTS AND SUB-AGENTS. 



UNION MUTUAL, 



J. G. Clarke, 
L. H. Whitney, 
Hunt Bros., . 
Bates & Booth, 
J. B. McAlvin, 
Isaac Washburn, 
J. L. Perkins, 
N. P. Fish, . 
Louis W. Burnham, 
Charles B. Rohan, 
J. L. Johnson, 
C. N. Harlow, 
0. L. Cowles, 
E. B. Lloyd, 
H. H. Comey, 
E. H. C. Hooper, 
A. M. Austin, 
G. H. Merriara, 
G. F. Hayford, 
M. R. Dowlin, 



Boston. 

Boston. 

Athol. 

Blackstone. 

Lowell. 

Taunton. 

Fitchburg. 

Fairhaven. 

Boston. 

Boston. 

Springfield. 

Northampton 

Westfield. 

Russell. 

Boston. 

Boston. 

Boston. 

Woburn. 

Caryville. 

N. Adams. 



Augusta, Me. — Continued. 
W. R. Nutting, . 
William Hilton, . 
Antoine Houde, . 
Eucarice Belfeuille, 
Charles C. Burt, . 
E. H. Hay ward, . 
E. J. L'herault, . 
William W. Cushman, 
Augustus C. French, . 
J. M. Shepard, Jr., & 
Co., .... 
Leverett Clarke, . 
Jeremiah Kelley, . 
Everett A. Dunham, . 
Camille Roussin, . 
Robert H. Patton, 
A. A. Skinner, 
C. A. Snow, . 
A. J. Mixer, 
J. A. Royce, 



Worcester. 

Bradford. 

Lowell. 

Haverhill. 

Boston. 

Ayer. 

Fall River. 

Lowell. 

Lowell. 

Fall River. 

Boston. 

Fall River. 

Fall River. 

Fall River. 

Chelsea. 

Sudbury. 

Sudbury. 

Chester. 

Lanesborough. 



UNITED STATES, New York. 



J. D. Pond, . 
S. D. Driver, 
Chas. V. Lord, . 
O. A. Taft, . 
*George B. Perry, 



Boston. 
Lowell. 
Boston. 
Worcester. 
N. Adams. 



*B. S. Calef, . 
George Hamar, 
S. D. Webster, 
E. P. Parsons, . 
A. K. Slade, Jr., 



Boston. 
N. Adams. 
Lawrence. 
Lynn. 
Fall River. 



UNIVERSAL, New York. 



*J. Greene Jones, 
Daniel F. Yiles, . 
D. B. Burnham, . 
Daniel McFarland, 
Edward C. Wales, 



Boston. 

Waltham. 

Essex. 

Springfield. 

Boston. 



Edwin Eldred, . 
George F. Mitchell, 
John N. Shatruck, 

; H. S. Childs, 

I T. F. Dodge, 



Worcester. 

E. Bridge water. 

Natick. 

Deerfield. 

Boston. 



*W. I. Gilbert, 
T. W. Tucker, 



VERMONT, Burlixgtox, Vt. 

Boston. I Charles D. Tucker, . Worcester. 

Boston. ' Bailey Sargent, . . Merrimac. 



*Chas. W. Holden, 
*R. H. Salter, 



WASHINGTON, New York. 

Boston. Reed & Brother, . 

Boston . 



Boston. 



APPENDIX. 



HISTORY 



MASSACHUSETTS INSUEANCE DEPARTMENT: 

INCLUDING A SKETCH OF THE ORIGIN AND 
PROGRESS OP INSURANCE, 

AND OF THE 

INSURANCE LEGISLATION OF THE STATE. 



BY JULIUS L. CLARKE, 

LATE INSURANCE COMMISSIONER. 



HISTORY. 



Governmental Protection and Regulation. 

The effectual protection of its subjects is a primary duty 
of every well-organized government. The stroug arm of the 
State should secure even to its humblest citizens the full 
enjoyment of their rights. Loyalty can claim nothing more. 
A truly paternal government will scarcely bestow less. Ever 
watchful of the common weal, such government and such 
citizenship will harmonize and cooperate in the maintenance 
and perpetuation of all legitimate and mutual interests. 

Hence protection and regulation take a first rank among 
the proper functions of government. They afford the 
largest possible scope to the inventive genius and acquisitive 
instincts of the people ; they stimulate individual enterprise 
and improvement ; promote popular intelligence and general 
prosperity ; develop the highest type of manhood and citizen- 
ship ; and give power and efficiency to the established princi- 
ples of social science and political economy. In harmony 
with such administrative functions, the laws regulating trade 
and commerce, and guaranteeing protection in all legitimate 
pursuits, appropriately extend to the business of insurance. 

In a paper contributed to the Eighth International Con- 
gress, which convened in St. Petersburg, Russia, in 1872, 
the then Insurance Commissioner of Massachusetts, who was 
a delegate to the Congress, makes the following reference to 
this subject : — 

" Those governments which directly or even indirectly assume 
the regulation of this great and rapidly growing interest, will inau- 
gurate a policy from which their own subjects will derive needed 
protection and large benefit. In two or three of the continental 
countries of Europe the necessity of a more perfect sj-stem of 



190 APPENDIX. 

insurance legislation has awakened some attention, j-et, except in 
England and the United States, very little if any legislation adapted 
to present exigencies has been enacted. 

" The advantages of a direct governmental regulation of insur- 
ance interests are as yet nowhere fully realized, though the s}'stem 
now existing in some of the United States, originating man} T years 
• ago in the Legislature of Massachusetts, has attained a more perfect 
and efficient development than any elsewhere known. While, as 
there exercised, it does not in any degree conflict with the corporate 
independence or business interests, it directly contributes to the 
security and perpetuation of every sound and honest insurance 
organization, placing its ban, of course, upon the insolvent and 
unworthy, and thus protecting the public against deception and 
fraud. 

" With substantially two centuries of modern insurance expe- 
rience, and with the voluminous and in some respects stringent 
legislation of her Parliament, even England is still but partially 
committed to any system of governmental regulation of the business 
of insurance. Upon the special subject of this paper,* however, 
her Parliament has taken a decided step in advance. Under its 
enactments of 1870-71 and '72, not only is every association trans- 
acting a life in connection with a fire and marine insurance business 
required to preserve a distinct classification of its funds applicable 
to each, but every existing and every newly established associa- 
tion, whether doing a joint-life, fire and marine, or a simple life 
insurance business, is also required to make a deposit of £20,000 as 
a securit} T for the payment of its life risks, the same to be and to 
remain invested in approved securities be} r ond the custod\ r and 
control of the association till its accumulations from premium 
receipts shall reach the sum of £40,000, — such association to be 
wound up whenever it neglects to make good any deficiency ascer- 
tained by actuarial valuation of its assets and liabilities. 

" So far as the operation of this requirement extends, it is mani- 
festly progressive. But while, under English law, insurance asso- 
ciations are at present regulated mainly on points affecting their 
legal constitution, the results constantly eliminated from practical 
experience and sound policy, followed b}' parliamentary inquiry and 
action, will doubtless aid the establishment of a more satisfactory 
regime." 

Under the recognized conditions and principles thus briefly 
set forth as appertaining to the paternal functions of govern- 

* Life Insurance Reserves. 



APPENDIX. 191 

ment the Massachusetts Insurance Department has its exist- 
ence and prosecutes its mission. But before citing the 
particular detail of its organization and service, a very brief 
reference to the ancient schemes and methods from which 
have grown the stupendous interests with whose supervision 
the Department is charged, may possess even centennial 
interest and value. 



192 APPENDIX. 



INSUEAISTCE. 



Its Origin and Practice, Ancient and Modern. 

The doctrines of chance and of probability are as old as the 
world. Hence it was but a natural sequence, that indem- 
nity against risks and perils of varied character should have 
had practical exemplification in very remote ages. Contracts 
for mutual indemnity in cases of misfortune or disaster, and 
for loans or credits upon bottomry on vessels, or upon 
respondentia on merchandise, were in very ancient use. 
Though crude in form and application, and limited in credit 
and confidence coeval with the less extended spheres of com- 
mercial correspondence and traffic pertaining to various 
epochs, these ancient contracts were the beginning of a busi- 
ness which, under modern growth and enterprise, has acquired 
immense volume and world-wide extension. 

Thus the monetary relations of insurance have become so 
intimately associated with the welfare and prosperity of com- 
munities and nations, as well as with the protection of indi- 
vidual and corporate interests, that any reliable information 
of its ancient origin and use possesses intrinsic value and 
importance. Of this character are some of the historic and 
traditionary reminiscences found in Hebrew writings, and 
preserved chiefly in the Babylonian Talmud and its supple- 
mentary history, the Tosefta Baba Kama* These traces of 
insurance, dating far back into the earliest periods of the 
Hebrew Commonwealth, are so well authenticated, that they 
possess great interest, not only as curiosities of insurance 
literature, but as important connecting links between modern 
and ancient underwriting. 

How far anterior to the Mosaic dispensation it would be 
safe to assign the existence of what was practically insurance 

* Versicherungs Zeitung, quoting from a recently published German work upon 
the " Law of Insurance." 



APPENDIX. 193 

indemnity, it is not now easy to determine. That its bene- 
fits were understood and available under rude and imperfect 
stipulations in ages not long subsequent to those which suc- 
ceeded the immediate generations of Noah, is not by any 
means a very unreasonable inference. That they were known 
in commercial traffic and experience for thousands of years 
prior to the introduction of any of the forms of modern insur- 
ance, seems quite apparent from the following Hebrew stat- 
utes, to which reference has been made. These were some of 
their provisions : — 

" It shall be lawful for ass-drivers to come to an understanding 
whereb}' they may agree, whenever one of the members of the com- 
pany shall lose an ass by robbers or wild beasts, to furnish another 
in place of the one lost : provided, however, that in case a driver 
shall have lust his ass through his own negligence, it shall not be 
necessary to supply him with another. Whenever an ass is lost 
without an}' fault on the part of the driver, another ass shall be fur- 
nished him. In case the owner says, 'Give me the value of nvy ass, 
and I will purchase a new ass for myself,' the offer need not be 
accepted ; let an ass be bought for him and placed at his disposal." 

The emphatic recognition of the principle of personal 
accountability, and of the necessity of effective safe-guards 
against fraud and over-insurance, implied in the foregoing 
citation, is very distinctly set forth in the following language : 

" Perad venture the ass-driver who has lost an ass may be the 
owner likewise of another ass, and ma} r demand the value of the ass 
he has lost in money, so that he may content himself with his one 
ass alone, and the amount of his property at risk be thereby dimin- 
ished. This would change his relations to the company. His ass 
is therefore returned to him in kind, in natura; so long as he has 
two asses at risk, his diligence to protect all the asses belonging to 
the company will be the greater." 

The following provisions for marine insurance partake of 
the same primitive and prudential character : — 

" It shall be lawful for ship-owners to enter into an agreement to 
this effect : Whenever a ship belonging to one of us is lost, we agree 
to furnish the loser another ship. In case, however, the ship is lost 
25 



194 APPENDIX. 

through his own negligence, we shall not be bound to furnish him 
with another. If the loss occurs without fault on his part, we are 
bound to make it good to him. If he ventured into waters that 
were not navigable, we are not bound to make good the lot 

Additional conditions were also imposed upon ship-masters, 
compelling special care against negligence and carelessness in 
navigation, and holding them not only responsible for losses 
sustained thereby, but disallowing their claims for damn, 
in such cases. 

Under another law of the Hebrew code, provision was 
made for an equitable distribution among the members of a 
caravan, of any ransom necessary to be paid for its release 
from capture by robbers. 

A singular enactment regulating the apportionment of loss 
on merchandise, in cases of marine disa.-ter, is found in the 
followinp; words : — 



c 



" 'Whenever an accident befals a ship at sea and a portion of the 
cargo must be thrown overboard, the contribution shall be levied 
according to the weight of each owner's share of the freight, and not 
equally upon them ; there shall be no deviating from the rule." 

The Jewish commentator upon this provision remarks : — 

" Every passenger's obligation was to throw over an equal amount 
of weight, independent of the value of his share of the cargo. If 
one passenger threw over a hundred pounds of iron belonging to 
him. and another passenger's share of the cargo consisted of gold, 
the latter was bound to throw overboard a hundred pounds of gold." 

* 

As might be expected, many loose forms and conditions 
entered into these primitive contracts. In some instances, 
however, the terms and principles recognized and adopted in 
the early times have been substantially retained to the present 
day. For instance, the Rhodian law of marine average, 
enacted more than eight hundred years b. c, still remains 
unchanged as the basis of the law upon that subject. The 
purport of the law is as follows* : — 

* Underwriters' Text-Book : Griswold. 



APPENDIX. 195 

" That with the contribution of all is to be made good that which 
is sacrificed for all; for it is fairest that all those bear in common 
the damage, who, through the sacrifice of other people's goods, have 
attained that their own goods are saved." 

Down to the close of the fourteenth century, a. d. , very little 
change took place in the system of marine underwriting pre- 
viously in use. But in the two succeeding centuries the con- 
tracts introduced in Italy, Holland and in some other com- 
mercial nations of Europe, became more perfect in their forms 
of agreement and specification. 

As early as the thirteenth century, the Lombards, then noted 
as the great money lenders of Europe, entered largely into 
the business of underwriting, particularly in London. They 
were individual underwriters, and their system, with improved 
forms, was subsequently taken up by the famous Lloyds, the 
business of the latter suggesting similar enterprises under the 
auspices of American associations, some of which have for 
several years written insurance in Massachusetts and other 
States. 

While the business of marine insurance appears to have 
been long and well understood in England, from wdiose prac- 
tice so much of our own has been derived, it was not till the 
beginning of the seventeenth century that insurance became 
a subject of legislation in Parliament. In the year 1601 the 
first insurance law was enacted in England, entitled "An acte 
concerninge matters of assurances amongste merchantes " (45 
Eliz., ch. 12). The preamble to this law states that insur- 
ance had then been a custom "tyme out of mynde." It is a 
curiosity in the literature of insurance, and as such it may be 
appropriately cited in this connection. It appears in the Text- 
Book already named, as follows : — 

" Whereas it ever hathe bene the policie of this realme by all 
good means to comforte and encourage the merchante, therebie to 
advance and increase the generall wealth of the realme, her Majes- 
tie's customes, and the Strength of Shippinge, which Consideracion 
is nowe the more requisite because trade and traffique is not at this 
present soe open as at other t3'mes it hath bene. And, whereas it 
hathe bene tyme out of mynde an usage among tjie merchantes, both 



196 APPENDIX. 

of this realme and of forraine nac}'ons, when the} r make any great 
adventure (especiallie in remote parts), to give some CoDsideracion 
of money to other persons, (which commonfie are in no Hum II num- 
ber), to have from them assurance made for their goodes, merchan- 
dizes, ships and things adventured, or some parts thereof, at such 
rates and in such sorte as the parties assurers and the parties 
assured can agree, which course of dealing is commonlie termed a 
policie of assurance ; by means of which policies if it cometh to 
passe upon the losse or perishinge of airy shippe, there followeth 
not the undoinge of an}- man, but the losse lightethe rather easilie 
upon many than heavilie upon fewe, and rather upon them that 
adventure not than those that doe adventure; wherelw all mer- 
chantes, especiallie the younger sorte, are allured to venture more 
willinsflie and freelie." 

The ancient codes of maritime jurisprudence promulgated 
among the old Romans, the Rhodians, and other nations of 
antiquity, were undoubtedly invested with important indem- 
nifying contracts. But any semblance which these may have 
borne to the law of insurance, would hardly obtain recogni- 
tion in the presence of modern modes and regulations. 
Doubtless in their time they fully answered their intended 
purpose, although the spirit of foreign adventure and enter- 
prise was constantly checked by the continued warfare exist- 
ing in those very remote periods. 

But without pursuing this question further, it is certain 
that organizations similar to the Guilds of the Middle Ages 
were in existence in some of the continental countries of 
Europe, long before the latter were known. Traces of them 
are found in the earlier centuries of the Christian era, during 
which, rude and simple as they w^ere, they appear to have 
exercised important influence over the commercial, social, 
and even political condition of communities whose interests 
were affected thereby. 

After the Norman conquest, Guilds were established in 
England for the express promotion of religion, charity, and 
trade. From these rnedioeval fraternities have originated the 
various schemes of mutual aid and contribution, now admin- 
istered under the auspices of numerous benefit societies and 
organizations. An intelligent estimate of the character and 



APPENDIX. 197 

purposes of these ancient Guilds may be derived from a 
single selection. We find it in the rules adopted by St. 
Catharine's Guild, founded in the reign of Edward III., 
probably about the middle of the fourteenth century, viz. : — 

" If a member suffer from fire, water, or robbery, or other 
calamity, the Guild is to lend him a sum of money without interest. 

" If sick or infirm, through old age, he is to be supported by his 
Guild, according to his condition. 

" No one notorious for felony, homicide, lechery, gaming, sorcery, 
or heres}' is to be admitted. 

" Those who die poor, and cannot afford themselves burial, are to 
be buried at the charge of the Guild. 

" The chaplain is not to frequent common taverns." 

Referring to these old institutions, Mr. Hard wick, in his 
admirable History of the Friendly Societies of England, very 
truthfully observes of the former, that, "rude and imperfect 
though they undoubtedly were, they contained the germs of 
their more matured and amply .developed successors." 

The oldest of the existing modern institutions resembling 
those of the Middle Ages, were organized nearly two hundred 
years ago ; and as Mr. Hard wick says, it is thought not 
improbable that the honor of having first suggested them is 
due to Defoe, the author of Robinson Crusoe. 

In his "Essay on Projects," published in 1696, Defoe advo- 
cates a plan for the promotion of societies " formed by mutual 
assurance, for the relief of the members in seasons of 
distress," and by way of experiment proposes one "for the 
support of destitute widows," and another "for the assistance 
of seamen." He further adds, that "the same thought might 
be improved into methods that should prevent the general 
misery and poverty of mankind, and at once secure us 
against beggars, parish poor, almshouses, and hospitals ; by 
w r hich not a creature so miserable or so poor but should claim 
subsistence as their due, and not ask it of charity." 

The beneficent principle involved in the suggestion of 
Defoe very soon gave rise to numerous organizations, embrac- 
ing within their schemes a great variety of pecuniary exigen- 
cies ; but the practical development of its contemplated 



198 APPENDIX. 

advantages was comparatively slow, and it was not till 1703, 
almost a century later, that the Friendly Societies received 
the concurrent sanction of the two Houses of Parliament.* 

Thus much for ancient and modern practice in "forraine 
nacyons" With pride and satisfaction we now turn to our 
own. 

Underwriting in America. 

The business of underwriting was introduced into the 
American colonies at an early period in their history, its 
contract forms and conditions not differing materially from 
those long before in use in the Old World. These were at 
first chiefly confined to marine risks, but were subsequently 
extended to insurance against fire, and finally to insurance 
upon lives, though the latter did not become a distinct enter- 
prise till the present century. 

During the first hundred and sixty years of our colonial 
history, the business was almost wholly transacted by indi- 
vidual underwriters, who wrote contracts in their own names, 
and for such amounts as they themselves were willing to 
assume. It was carried on to some extent, during the 
eighteenth century, by organized authority, under ''deeds of 
settlement," as in England. It is mentioned that an agency 
representing foreign insurance societies was in existence in 
Philadelphia as early as 1721, and another in Boston in 
1724. 

From the small beginnings of its initial history, insurance 
has attained in this country a volume unparalleled in the 
development of business enterprises. As the result of its 
great progress, all classes of American risks are now written 
chiefly by corporations established under special charters or 
general laws ; and, as a whole, these are managed with a 
degree of intelligence, wisdom, and integrity nowhere sur- 
passed among the commercial nations of the world. 

Speaking of the wonderful progress of underwriting in 
America, Mr. Cornelius "Watford, of London, one of the most 
eminent of writers on insurance, makes this remark :f — 



* 33d Geo. III., c. 54. 

t Insurance Cyclopedia : Walford. See article " Assurance.' 



APPENDIX. 199 

" Our American cousins are already wresting the palm of progress 
from our grasp. Tbe} T have gone ahead with it in a manner far 
outstripping all former experience." 

In Massachusetts the business began to enlist new interest 
after the adoption of the State constitution in 1780, and 
several Insurance Companies were chartered during the 
remaining years of that century. Some of these early 
charters authorized insurance against captivity, and also 
against loss of life at sea, — a species of insurance previously 
in vogue among individual and associated underwriters, both 
in this country and in Europe. To what extent such risks 
were written in Massachusetts cannot now be easily ascer- 
tained. 

But without further extension of this general review, it 
may suffice that a comprehensive exhibit of the commence- 
ment and progress of underwriting in Massachusetts, cover- 
ing practically the entire American field, is appropriately 
embodied in connection with the direct history of the Depart- 
ment which constitutes the subject of this History. 

Insurance Legislation of Massachusetts. 

As an important and necessary part of this History, a brief 
review of the general insurance legislation of the State, col- 
lated from its more important enactments, with an epitome 
of some of the results accruing in connection therewith, will 
impart an intelligent exhibit of the condition of the business 
of underwriting prior and subsequent to the establishment of 
the Department. 

Nearly a century before the adoption of the Constitution, 
the Governor and Council and General Court enacted strin- 
gent building laws, and prescribed the materials to be used 
for building in the " Town of Boston." These laws, the first 
of which w T as enacted in 1692, were designed for the preven- 
tion of disastrous fires from which the inhabitants had been 
severe sufferers. Even in those early colonial years such 
law r s were deemed as important for protection, as they have 
since become in connection with insurance interests. 

The Massachusetts Mutual Fire Insurance Company was 



200 APPENDIX. 

one of the first incorporated, and continued in successful 
operation till the disastrous tire in Boston, in 1872. Jt. 
received a special charter, March 1, 1798, one of the important 
provisions of which differs so essentially from modern forms, 
that it will repay transfer to these pages : — 

" The said Corporation may (as soon as the said tv:o millions of 
dollars shall be subscribed to be insured), and the}' are hereby 
authorized to insure, for the term of seven years, an\- mansion- 
house or other building within this Commonwealth, against damage 
arising to the same b}' fire, originating in any cause except that of 
design in the insured, and to any amount not exceeding four-fifths 
of the value of any building ; and in case airy member should sus- 
tain damage by fire over and above the then existing funds of the 
said corporation, the directors maj r assess such further sum or sums 
upon each member as ma}- be in proportion to the sum by him 
insured, and the rate of hazard originally agreed on : provided, 
hoivever, that no member, during the term of seven years, shall be 
held to pay, b} T wa}* of assessment, more than two dollars for each 
dollar by him advanced as premium and deposit." 

The next Company receiving a special charter was the Xew- 
buryport Marine, incorporated June 18, 1799. Among the 
noticeable provisions of its charter appears the following : — 

" The President and a Committee of three of the Directors, to be 
by him appointed in rotation, shall assemble daily, if need be, for 
the despatch of business ; and the said Board of Directors, and the 
Committee aforesaid, at and during the pleasure of said Board, shall 
have power and authority, on behalf of the Company, to make 
insurance upon vessels, goods, effects and freight, and against 
captivit} T of persons, and on the life of any person or persons during 
his or their absence by sea, and in cases of money lent upon 
bottomry and respondentia, and to fix the premiums and terms of 
payment." 

Resolves 1807, c. 56: Resolve requiring Insurance Companies to render an 
account of tlieir affairs to the next General Court. 

The provisions of this resolve called onh^ for a statement 
of the amount of capital stock actually paid in, the character 
and amount of the funds in which the same was invested, and 
the amount of outstanding risks. 



APPENDIX. 201 

Acts 1818, c. 120: An Act to define the Powers, Duties and Restrictions of 
Insurance Compauies. 

This appears to have been the first general law enacted in 
Massachusetts regulating the business of Insurance Com- 
panies ; and this applies only to those writing marine risks. 
Some of its important features may be appropriately cited ; 
viz. : — 

" All Insurance Companies which shall hereafter be incorporated 
under the authority of this Commonwealth, shall have power and 
authority to make insurance on vessels, freight, money, goods, and 
effects, and against captivity of persons, and on the life of any per- 
son during his absence at sea, and in cases of money lent upon 
bottomry and respondentia, and to fix the premiums and terms of 
payment. . . . 

. . . " In case of any loss or losses, whereby the capital stock 
of the said companies shall be lessened before all the instalments 
are paid in, each proprietor or stockholder's estate shall be held 
accountable for the instalments that may remain unpaid on his share 
or shares, at the time of such loss or losses taking place. . . . 

"The President and Directors of such companies shall, previous 
to subscribing to an}' policy, and once in every year after, publish 
in two of the newspapers printed within this Commonwealth, one of 
which at least .shall be in the town of Boston, the amount of their 
stock, against what risk they mean to insure, and the largest sum 
the}' mean to take on any one risk." 

Other provisions required them, whenever directed by the 
Legislature, to submit statements of their company affairs to 
that body, and to be examined concerning them under oath ; 
also forbidding them to write on any one risk, a sum exceed- 
ing ten per cent, of the capital stock of their respective 
companies. 



Acts 1820, c. 266: An Act authorizing the several Insurance Companies in 
this Commonwealth to Insure against Fire. 

This was the first general law authorizing all Insurance 
Companies incorporated in Massachusetts to insure against 
fire, that right having been previously delegated by special 
charter. By this act they received such authority in the 
following provision : — 

26 



202 APPENDIX. 

. . . " The}- hereby are authorized, in addition to the powers 
granted by their respective charters, to make insurance against lire, 
on such terms and conditions as ma}' be agreed upon by the par: 
on any dwelling-houses, or other buildings, and on merchandize, or 
other property, within the United States : provided, always, that no 
sum shall be insured, on any one risk against fire, exceeding ten 
per centum of the capital stock, actually paid in, of said Insurance 
Companies, respectively." 

Acts 1827, c. 141: An Act respecting Agencies of Foreign Insurance Com- 
panies established in this Commonwealth. 

The provisions of this act were very similar to some which 
appear in the present statutes, relating to the business of 
Companies chartered outside the Commonwealth. Section 
one provided that the agent of such Company, before trans- 
acting business for it within the State, should file with the 
Treasurer of this Commonwealth a copy of its charter and of 
its letter of attorney granted him. The penalty for neglect 
was five hundred dollars, payable, half to the informer, and 
half to the Commonwealth. 

Section two required such agent, under penalty, to file 
with said Treasurer a sworn statement of the financial con- 
dition of the Company, and to publish the same in some 
newspaper in the county within which his agency wag estab- 
lished. 

Section three provided a forfeiture of five hundred dollars 
for writing a policy of insurance in any such Company whose 
paid up cash capital was less than two hundred thousand dol- 
lars, no one risk to be greater than ten per cent, of the paid 
up capital. 

Acts 1S3-2. c. 95: An Act in addition to an Act to define the Pow 
Duties, and Restrictions of Insurance Companies. 

This act, as indicated by its title, was in part explanatory 
of the provisions of previous enactments relating to Compa- 
nies incorporated in this Commonwealth. It also imposed 
additional obligations, and one of its sections made such Com- 
panies liable to taxation under any general law providing for 
the same. 



APPENDIX. 203 

Acts 1832, c. 140 : An Act respecting Agencies of Insurance Companies 
incorporated out of tliis Commonwealth. 

This was the first act requiring agents of outside Companies 
to give bonds, make returns of the amount of business writ- 
ten by them, and pay taxes thereon. The bond in each case 
was fixed at $5,000, the returns of business transacted were 
required semi-annually, and the tax on premium receipts was 
one and a half per cent. 

Acts 1835, c. 147 : An Act to regulate Mutual Fire Insurance Companies. 

The provisions of this act relate mainly to the details of 
organization and the liabilities of officers in certain cases. 
They also permit the issue of policies for seven years for 
three-fourths of the value of any building in this State, when- 
ever the Company has $50,000 subscribed to be insured, every 
such policy to create of itself a lien on the property insured, 
for the purpose of securing the deposit note and of any lawful 
assessment thereon. One section imposes a tax in accordance 
with any general law taxing similar corporations. 

Acts 1836, c. 207 : An Act relating to Insurance Companies. 

Authorizing Companies to invest such part of their capital 
as may be for their interest, in the stock of any corporation 
established in this State, whose corporate property consists 
entirely of real estate, or in the funded debt of any city or 
town in this State. 

Acts 1837, c. 192 : An Act to cause the several Insurance Companies to 
make Annual Keturns. 

Under the provisions of this act each Insurance Company 
having a specific capital was required to make annual returns 
to the Secretary of the Commonwealth, instead of the Treas- 
urer as before, within fifteen days after the first day of Decem- 
ber in each year, the returns to exhibit the condition of the 
Company on said first day of December. The form of return, 
the first which appears in any statute of the Commonwealth, 
contained but twenty-one interrogatories, and may have 
answered all necessary purposes for that period ; but with the 
immensely enlarged and complicated business of the present 
day, it would be found wholly inadequate, the interrogatories 
propounded in the modern blanks numbering one hundred 



204 



APPENDIX. 



and seventy-five for a complete exhibit of the fire and marine, 
and one hundred and forty-six for that of the life business of 
Insurance Companies. This first statutory blank presents a 
striking comparison with the very elaborate forms now in use. 
It was enacted as follows : — 





B 

s 
55 


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FUNDS. 

How Invested. 


With the Names of 

THE KANK.-j AND 
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One of the provisions of the act from which the preceding 
form is cited required the Secretary of the Commonwealth to 
submit in print, at the next session of the Legislature, "a true 
abstract from the returns, with each column of such abstract 
added up." 

Acts 1838, c. 35 : An Act concerning Insurance Companies. 

Under the provisions of this act Insurance Companies were 
permitted to invest one-third of their capital in the stocks of 
railroad companies incorporated within this Commonwealth, 
but not more than one-fifth of said capital in the stock of any 
one railroad corporation, other conditions of such investment 
substantially corresponding with those now in force. 



Acts 1838, c. 178 : An Act concerning Insurance Companies. 

Under this act the directors of every Marine, or Fire-Marine 
Company were holden to require, quarterly, sworn statements 



APPENDIX. 205 

from their president and secretary setting forth the financial 
condition of the Company, and if any reduction appeared in 
its capital stock, its risks were to be reduced in correspond- 
ing ratio. A new form of return, with nine additional inter- 
rogatories, was also enacted. 

Acts 1842, c. 9 : An Act in relation to Returns from Mutual Insurance 
Companies. 

Under the provisions of this act Mutual Marine and Mutual 
Fire and Marine Companies were for the first time required to 
make returns of their financial condition to the Secretary of 
the Commonwealth, made up to the first day of December in 
each year. The act also prescribed a-form of return. 

Acts 1842, c. 21 : An Act concerning Insurance Companies. 

Companies incorporated with specific capital, and Mutual 
Marine Companies were required by this act to file notice 
within ten days thereof of the acceptance, refusal, or discon- 
tinuance of their respective charters, with the Secretary of 
the Commonwealth. Failure to give notice of acceptance 
within one year was made a forfeiture of charter. 

Acts 1843, c. 82 : An Act authorizing Trustees to insure Property held in 
trust in Mutual Fire Insurance Companies. 

Acts 1844, c. 82 : An Act in relation to Insurance on Lives, for the benefit 
of Married Women and other persons. 

The principal feature of this enactment provides that life 
insurance for the benefit of a married woman, whether effected 
by herself, or by her husband, or by any other person, shall 
inure to her separate use and that of her children, indepen- 
dently of all other persons, including creditors of the party 
effecting: the same. 



'e 



Acts 1845, c. 17 : An Act concerning Mutual Fire Insurance Companies. 

Under this act it is provided that policies shall of them- 
selves create a lien on personal property insured thereby, for 
the purpose of securing payment of the deposit notes and 
lawful assessments thereon. 

Acts 1845, c. 55: An Act concerning Insurance Companies. 

Any Insurance Company is authorized by this act to invest 
one-third of its capital in the stock of railroad corporations 



206 APPENDIX. 

incorporated in this Commonwealth whose capital has b< 
wholly paid in ; but no such Company can invest more than 
one-fifth of its capital in the stock of any one railroad cor- 
poration. 

Acts 1847, c. 24S : An Act in addition to "An Act in relation to Insnra 
on Lives for the benefit of Married Women and other Peraoni 

This act provides that insurance made by one party on his 
own life for the benefit of another person shall inure to the 
benefit of such other person in the same manner and under 
the conditions provided in chapter 82 of the Acts of 1*44, 
before cited. 

Acts 1847, c. 273 : An Act to provide against loss from Insurance by 
Foreign Companies. 

By the provisions of this act every person so far represent- 
ing in this State any Insurance Company incorporated in any 
other State or country, as to receive or transmit proposals for 
insurance, or to receive for delivery policies founded thereon, 
or otherwise to procure insurance by such Company, for per- 
sons residing in this State, is made the agent of said Company 
and subject to the restrictions and penalties applicable to such 
agent, every Company so represented to have a capital of not 
less than $100,000. The act also imposes some additional 
restrictions upon Mutual Companies from other States doing 
business in Massachusetts. 

Acts 1849, c. 104 : An Act concerning Mutual Fire Insurance Companies. 

This act permits Massachusetts Mutual Companies to insure 
any property included in the terms of their charters, situated 
in any of the Xew England States and in the State of Xew 
York ; the property insured to be divided into two classes, 
the first to include the less hazardous, and the second, the 
more hazardous ; the policies to designate the class to which 
they belong; the premiums and deposit notes of each class to 
be kept separate, and no policy to be issued in either class 
till the sum of $100,000 shall be subscribed to be insured 
therein. 



APPENDIX. 207 

Acts 1850, c. 65 : An Act concerning certain Manufacturing- Corporations 
in the City of Lowell. 

Certain corporations named in this act are permitted to 
contract with each other for mutual insurance against fire. 

Acts 1850, c. 279 : An Act concerning Mutual Fire Insurance Companies. 

Repealing in part a similar act, ch. 104 of 1849, and giving 
directors of Mutual Companies discretionary authority to 
divide the property insured into any number of distinct and 
separate classes, not exceeding four; the policies, premiums, 
deposit notes, and amount subscribed to be insured in each 
class, remaining subject to the same conditions as were 
applicable under the original act. 

Acts 1851, c. 90 : An Act in relation to Mutual Fire Insurance Companies. 

Restricting every Mutual Company from issuing policies, 
till the sum of $100,000 shall have been subscribed to be 
insured by such Company. 

Acts 1851, c. 165 : An Act relating to Insurance on Lives. 

Requiring Life Insurance Companies to pay a share of their 
profits to the Massachusetts General Hospital. 

Acts 1851, c. 281 : An Act concerning Mutual Marine Insurance Companies. 

Setting forth the manner and form of organization, the 
liabilities of officers, and the general management of their 
business. 

Acts 1851, c. 331 : An Act in addition to " An Act to provide against loss 
from Insurance by Foreign Corporations." 

Providing for the appointment of an attorney to accept 
service, with penalty of $300 to $1,000, and disability to 
collect premiums or assessments, in cases of neglect; requir- 
ing agents to give bonds in $5,000, and to make annual 
returns of business, and pay a tax of one per cent, on pre- 
miums and assessments. 

Acts 1852, c. 137 : An Act in addition to an Act concerning Mutual Marine 
Insurance Companies. 

Authorizing the declaration of dividends under certain 
conditions, and the issue of certificates therefor bearing inter- 
est at six per cent. 



208 APPENDIX. 

Acts 1852, c. 227 : An Act to Require returns from Mutual Fire Enrar&nee 
Companies. 

Acts 1852, c. 231 : An Act relating to Insurance by Foreign Corporations. 

The important provisions of this act constituted the Secre- 
tary, Treasurer, and Auditor of the Commonwealth a Board 
of Insurance Commissioners to examine, annually, in the 
month of November, the statements and returns made by 
Foreign Companies and their agents, to propound such inter- 
rogatories and require such answers as they should deem 
proper, and to prepare and submit to the Legislature an 
Abstract of said statements and returns. 

Acts 1852, c. 311 : An Act in relation to Insurance on Lives by Foreign 
Corporations. 

Extending the provisions of previous acts relating to Com- 
panies transacting a fire and marine business, to those mak- 
ing insurance on lives. The form of return required by this 
act from Companies doing the latter business, presents a 
curious contrast with the very elaborate forms now prescribed. 
As it appears to have been the first form enacted for the 
returns of Life Companies, it may very properly have place 
in this connection : — 

Form of Return for Life Insurance Companies. 

Name of the Company. 

Where located. 

Amount insured b}- existing policies. 

Present value of existing policies. 

Present value to the Company of future premiums on these 
policies. 

State the name of the person or persons who made the calcula- 
tions on which the answers to the two preceding statements were 
made. 

Amount of assets of the Company. 

How invested. 

Amount due from the Company for losses. 

Amount of other claims against the Company, including dividends 
unpaid. 

Amount of all expenses the past year, including commissions 
paid to agents. 



APPENDIX. 209 

Acts 1853, c. 333 : An Act relating to Insurance Companies. 

Imposing a penalty of $500 against any Insurance Company 
for doing business under any other name, style, designation, 
or title, or for any other purpose, or upon any other princi- 
ple, than that expressed in its charter. 

Acts 1853, c. 376 : An Act concerning Insurance. 

Providing a penalty of $1,000, or imprisonment not exceed- 
ing six months, for each act of false or fraudulent misrepre- 
sentation in procuring any payment, or any obligation for 
the payment of premium for insurance. 

Res. 1853, c. 82 : Resolve for Revision of the Laws relating to Insurance. 

Authorizing the Governor to appoint two Commissioners 
to revise and digest into one act all the general statutes of 
this Commonwealth, upon the subject of insurance, with 
power to send for persons and papers, and report to the next 
General Court. 

Acts 1854, c. 453 : An Act concerning Insurance Companies. 

This act, a twenty-page document, is a codification of all 
the insurance laws of the Commonwealth remaining in force, 
including several revised forms of returns for the use of 
Stock and Mutual Companies, as prepared by the Commis- 
sioners appointed under ch. 82 of the Eesolves of 1853. 
The Legislature of 1854, to which the codification was sub- 
mitted, enacted the whole in one statute. As its important 
provisions have been cited from year to year in the preceding 
pages of this History, no further reference is necessary here. 

Reports under the Preceding Legislation. 

The first official report of the business of insurance pub- 
lished by authority of the State was compiled in accordance 
with the provisions of chapter 192 of the Acts of 1837, by 
John P. Bigelow, then Secretary of the Commonwealth. It 
was transmitted to the Legislature in January, 1838, and was 
entitled an " Abstract of the Returns of Insurance Companies 
incorporated with Specific Capital ; exhibiting the Condition 

27 



210 APPENDIX. 

of those Institutions on the first day of December, 1837."* 
It was an eight-page document, f and represented only Mas- 
sachusetts Companies, forty-eight in number, twenty-nine 
located in Boston, and nineteen in other portions of the State, 
with an aggregate capital of $9,415,000, and outstanding risks 
amounting to $139,808,644. No intelligible statement of 
their actual gross assets and gross liabilities can be gathered 
from the returns, and ten Companies were not heard from at 
all. 

An evidence of the loose and unsatisfactory condition of 
the business, and of the lack of accountability and efficiency 
in its management in those early years, appears in the brief 
introduction submitted by Secretary Bigelow, who says : — 

" As these corporations are not required by law to file an}- notice 
with this Department of the acceptance or discontinuance of their 
charters, I had no official or certain knowledge of what offices 
were, or were not, actually in existence. Blanks were, however, 
forwarded to the addresses of such as were commonly supposed to 
be in operation." 

The same remark is repeated in the following year, with an 
additional statement by the Secretary, that, in many cases, 
the investments in bank and railroad stocks, as reported by 
the Companies, did not correspond in amount with either the 
market or par value of the number of shares returned. 

For a period of nineteen years, ending with 1855, the re- 
turns of Insurance Companies doing business in Massachusetts 
were made to the Secretaries of the Commonw r ealth, by 
whom they were annually reported to the Legislature in the 
form of Abstracts, substantially in conformity with that for 
1837, already cited. The last of the series of Abstracts pre- 
pared under this regime was published in January, 1856, 
and covered the returns for the year ending Dec. 1, 1855, 
that relating to the business of outside Companies being 
rendered by Secretary Wright, Jan. 1, and that relating to 

* Mutual Fire, Mutual Marine, and Mutual Fire-Marine Companies were not 
included, no returns from them being required. 

f Under the present system of returns, the annual reports of the Department, fire 
and life, cover from ten to twelve hundred pages. 



APPENDIX. 211 

Home Companies by his successor, Secretary De Witt, Jan. 
31, 1856. 

As the business of insurance in Massachusetts was thence- 
forth to be supervised by the State Insurance Department, a 
few of the more important statistical items given in these 
closing Abstracts may have interest here. 

There were 171 Companies transacting business in the 
State at the close of 1855. Of these, 118 were Home Com- 
panies, including five Life Companies, and fifty-three were 
incorporated elsewhere, the latter including twelve Life Com- 
panies ; also five Companies from foreign countries, and nine- 
teen which made no returns for that year. Besides these, 
eight outside Companies which had been doing business in 
the State were reported as insolvent. 

So many of the Companies from other States failed to 
make the required returns, that any aggregate statement of 
their business results would be of no value in this connection ; 
and so imperfect were the returns from the Home Companies, 
that no reliable exhibit of their actual assets and liabilities 
can be eliminated. 

Of the latter class, thirty-four were Stock Companies, 
nineteen of them located in Boston, the whole having an 
aggregate paid-up capital of $6,386,100, with outstanding 
risks amounting to nearly $185,000,000. 

Of the fifteen Mutual Marine and Mutual Fire and Marine 
Companies, seven were Boston Companies, and the whole 
fifteen had assets amounting to $6,398,389, with nearly 
$130,000,000 of outstanding risks. 

Of the sixty-nine Mutual Fire Companies, eleven were 
located in Boston, and the whole were carrying an aggregate 
risk of $200,089,637. 

The five Life Companies, including the Massachusetts 
Hospital Life, were at that date in possession of assets 
amounting to $1,863,095, with $742,081 of liabilities. Their 
total outstanding insurance on lives amounted to only a little 
more than twelve millions of dollars, the premium reserve on 
which was estimated by themselves at $693,961. 

From this brief resume of the insurance business transferred 
to the supervision of the Department at its organization, 
both its comparatively limited volume and the general con- 



212 APPENDIX. 

dition of its interests will be readily conceived. Its subse- 
quent development and prosperity, and the beneficial results 
of the departmental administration of the insurance laws of 
the State, have become matters of history closely identified 
w T ith the material welfare of the Commonwealth and its 
people. 

Establishment of the Massachusetts Department. 

Under the provisions of chapter 231 of the Acts of 1852, 
the Secretary, Treasurer and Auditor of the Commonwealth 
were constituted a Board of Insurance Commissioners, and 
were charged with the performance of certain limited duties. 
The codified statute of 1854, chapter 453, already referred to, 
continued the same Board with substantially the same official 
service; but the Act of 1855, cited below, abolished that 
Board, and provided for the appointment of a new Board 
of three Commissioners, delegating to them the administra- 
tion of a regularly organized Insurance Department. The 
last-named Act was approved March 31, 1855, and though 
materially modified by subsequent legislation, its importance 
entitles it to preservation as a part of this History. 

Acts 1855, c. 124 : An Act to establish a Board of Insurance Commissioners. 

Be it enacted, &c, as folloivs : 

Sect. 1. A board of insurance commissioners is hereby estab- 
lished in this Commonwealth, which shall consist of three persons, 
who shall be appointed b}' the governor, with the advice of the 
council, on or before the first day of Ma} r next, and who shall 
exercise the powers, and perform the duties, hereinafter prescribed. 
The first person appointed on said board shall hold his office for the 
term of one }*ear ; the second person appointed for the term of 
two 3'ears ; and the third person appointed for the term of three 
3'ears. At the expiration of the term of each, and hereafter, when 
a term shall expire, there shall be appointed to fill the vacancy in 
said board, a person who shall hold his office for the term of three 
} T ears, so that one new appointment shall be made each year, each 
new commissioner holding his office for the term of three years. 
But any person going out of office, b} T the expiration of his term, 
may be reappointed, and the governor, with the advice of the coun- 
cil, may at any time remove from office an}* or all of said commis- 
sioners, and ma} T fill all vacancies in said board, which arise from 
removal or otherwise. 



APPENDIX. 213 

Sect. 2. Before entering upon the duties of their office, the said 
commissioners shall severally make oath before some justice of a 
court of record, or before any two justices of the peace within the 
Commonwealth, that the}' will faithfully and impartial^ discharge 
and perform all the duties incumbent upon them, in their said office, 
agreeably to the constitution and laws of this Commonwealth, and 
according to their best abilities and understanding ; a certified copy 
of which oath shall be returned within thirty days, to the office of 
the secretary of the Commonwealth. 

Sect. 3. The said commissioners shall keep and preserve, in a 
permanent form, a full record of their proceedings, including a con- 
cise statement of the condition of each company visited or examined 
by them as hereinafter provided. And they shall have power to 
appoint a clerk of their board, prescribe his duties, and fix his com- 
pensation, whenever the public good may in their opinion require 
such appointment. 

Sect. 4. Each of said commissioners shall receive, as compen- 
sation for his services, five dollars for each and every day's attend- 
ance upon the duties of his office, and at the rate of one dollar for 
every twent} T miles travelled by him in the performance of the same. 
And the governor is hereby authorized to draw his warrant on the 
treasury therefor, and also for the compensation of any clerk ap- 
pointed and employed by said commissioners. 

Sect. 5. The said commissioners, or any two of them, at least 
once in every two years, and as much oftener as they may deem 
expedient, shall visit every insurance company of whatever descrip- 
tion, which has been, or may hereafter be, incorporated by authority 
of this Commonwealth, and shall have free access, to their books 
and papers, and shall thoroughly inspect and examine all the affairs 
of the said companies, and -make any and all such inquiries as may 
be necessary to ascertain the condition of the said corporations, 
and their ability to fulfil all the engagements made by them, and 
whether they have complied with the provisions of law applicable 
to their transactions : provided, that said commissioners shall ex- 
amine all insurance companies in this Commonwealth, as soon after 
this act goes into operation as may be ; and provided, also, that they 
shall examine all insurance companies hereafter established in this 
Commonwealth, within one year after they shall go into operation. 

Sect. 6. The said commissioners, or any of them, ma}^ summon 
and examine under oath, all directors, officers or agents of said 
insurance companies, and such other persons as they maj T think 
proper, in relation to the affairs, transactions and condition of such 
corporations ; and any such director, officer, agent or other person, 
who shall refuse without justifiable cause, to appear and testify 



214 APPENDIX. 

when thereto required as aforesaid, or who shall obstruct, in any 
way, any commissioner in the discharge of his duty, as prescribed 
by this act, shall, on conviction thereof, be subject to a fine not 
exceeding one thousand dollars for each offence, or imprisonment 
for a term not exceeding one }ear. 

Sect. 7. In addition to the examination herein provided for, if 
any five or more persons who are officers, stockholders, members or 
creditors of any insurance company, shall make and sign an appli- 
cation to said commissioners, requesting them to examine the affairs 
of such company, setting forth, under oath, their interests in said 
company, and the reasons for making such examination, it shall be 
the duty of the said commissioners to proceed forthwith and make 
a full investigation of the affairs of such corporation, in the manner 
provided by this act. 

Sect. 8. If upon the examination of any insurance company, a 
majority of the said commissioners shall be of opinion that the same 
is insolvent, or that its condition is such as to render its further 
progress hazardous to the public, or to those holding policies against 
said corporation, it shall be their duty to apply to some one of the 
justices of the supreme judicial court, to issue an injunction to 
restrain such corporation in whole or in part from further proceed- 
ing with its business, until after a full hearing in the premises can 
be had before said court ; and such justice shall forthwith issue such 
injunction, and, after a full hearing of all the parties interested in 
the matter, may dissolve or modify the said injunction, or make the 
same perpetual, and may make such orders and decrees to suspend, 
restrain or prohibit the further continuance of the business of such 
corporation, as may be needful in the premises ; and said justice 
may, at his discretion, appoint agents or receivers to take possession 
of the property and effects of the corporation, subject to such rules 
and orders as may, from time to time, be prescribed by the supreme 
judicial court, or any justice thereof, in vacation — the said court or 
justice acting in the matter according to the course of proceedings 
in equit}\ 

Sect. 9. The said commissioners, in the month of December, 
annually, shall make a report to the secretary of the Commonwealth 
of the general conduct and condition of the corporations visited by 
them since their last annual report, making such suggestions as 
they shall deem expedient ; and if an}' of said corporations shall, in 
the opinion of the commissioners, be found at any time to have 
violated any law of this Commonwealth, or if the officers of any 
insurance company shall be found to have violated any of the exist- 
ing laws in relation to insurance companies, the said commissioners 
shall forthwith make a special report on the subject of such viola- 



APPENDIX. 215 

tion, containing such statements and remarks as they may deem 
expedient, to the secretary of the Commonwealth ; and the secretary 
shall give notice of the same to the attorney-general, who, in behalf 
of the Commonwealth, shall at once prosecute said company or said 
officer, as the case may be, for such violations. The secretary of 
the Commonwealth shall cause the reports of the said commissioners 
to be printed and laid before the legislature at the next session 
thereof after the same are made. 

Sect. 10. The said commissioners shall see that all foreign in- 
surance companies, and their agents, doing business in this Com- 
monwealth, duly comply with the laws of the Commonwealth in 
relation to foreign insurance companies ; and when it shall come to 
their notice, that any such foreign insurance company or its agents 
has violated any such law, the said commissioners shall report the 
facts to the secretary of the Commonwealth, who shall give notice 
of the same to the attorney-general ; and the attorney-general, in 
behalf of the Commonwealth, shall prosecute the guilty parties for 
such violation. 

Under the provisions of the preceding Act, the first Board 
of Commissioners was appointed and the Department organ- 
ized. The accompanying tabulation gives the names of the 
several Commissioners, with the date of their appointment, 
term of service, etc., from 1855 to the present time : — 



216 



APPENDIX. 



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APPENDIX. 217 

First Annual Report of the Department. 

In their First Report, addressed to the Secretary of the 
Commonwealth, the Commissioners say that "in the exercise 
of their best skill and judgment" they had prepared " such 
interrogatories as would serve to elicit the true condition of 
the several Companies which it was their duty to examine." 
These interrogatories were much more numerous and critical 
than ever before adopted, and the answers to them were duly 
recorded in permanent books open to public examination. 

In the prosecution of their service, these first Commis- 
sioners inaugurated substantially the same system of investi- 
gation which their successors have maintained and elaborated 
to the present time. Compauies were visited without previous 
notice, and their books, papers, stocks, bonds, mortgages, 
and other securities were subjected to searching scrutiny, for 
the purpose of testing the soundness of the Companies, and 
their ability to meet all existing liabilities. By this personal 
and official examination, the Commissioners were not only 
enabled to discover impairment and insolvency which till 
then had been concealed, but to strengthen confidence in the 
character and condition of Companies worthy of such trust, 
thus investing the business of insurance with a watchful 
supervision preeminently in the interest of public security. 

The Report proceeds to review the Massachusetts field, and 
the practice of insurance as then existing, but an intelligent 
epitome of the many valuable suggestions submitted would 
fill too large a space in this History. 

There were then in the State, as in later years, some Com- 
panies from abroad which deemed it no dishonor to evade the 
laws. In 1855, no less than fifteen such Companies were 
transacting a fraudulent business in Massachusetts. The 
Report says : — 

" Vigorous and active measures were at once taken, and those 
Companies were compelled to abandon their agencies and withdraw 
from the State. A few of them resisted stoutly the action of the 
Board, but finally yielded, and returned within their own limits." 

Among other facts showing the necessity for an Insurance 
Department, it was found that some Companies utterly un- 

28 



218 APPENDIX. 

worthy of* confidence were competing for premiums within 
the limits of the State. In this connection the Report con- 
tinues : — 

" Not only have some returns been submitted to the Board, setting 
forth the fact of a compliance with the law, inasmuch as the Com- 
panies possessed one hundred thousand dollars invested in real 
estate, but the officers have visited the Board in person, pledging 
their honor and integrity as men, to the truth and accuracy of their 
sworn statements. In several cases it has appeared, on investi- 
gation, that the statements were false, and the assets of the Com- 
pany nearly worthless." 

It is hardly necessary to say that the Massachusetts Depart- 
ment commenced its history with the determination to root 
out such fraud and double dealing, and thus enable a too 
credulous public to discriminate between the good and the 
bad.* The Commissioners appear to have found, even in their 
initiatory work, a class of Companies which they boldly 
affirm — 

" Seem to have been gotten up more for individual emolument 
than the public good, and are managed without that skill, economy 
and experience so essential and important to the successful devel- 
opment of those beneficial results which should flow from well- 
regulated institutions." 

Acts 1856, c. 252 : An Act concerning Insurance Companies. 

Practically a recodification of all insurance laws then in 
force, with such additions as the first experiences of the 
Department had suggested. Among the important modifi- 
cations contained in its twenty-five pages, were those requir- 
ing more perfect returns to be made to the Commissioners 
before the fifteenth day of November for the year ending on 
the thirty-first day of October preceding ; forbidding Life 
Companies to take fire or marine risks ; authorizing the Com- 
missioners to value outstanding life policies, if deemed expe- 

* During its twenty years of service, the Department has relieved the people of the 
Commonwealth of the presence of upwards of one hundred fraudulent and worthless 
Companies. It is no imputation upon the good name of honorable and well-managed 
Companies to say that frauds like those cited by the Commissioners in 1856, the first 
year of the Department, have been discovered and exposed through its care and 
watchfulness, in every subsequent year. 



APPENDIX. 219 

dient, on some day in every year designated by them, the 
Companies to pay therefor one cent on every thousand dollars 
insured by them on lives, and to furnish to the Commis- 
sioners, or to the person employed by them, an attested state- 
ment of the form, number, date and amount of each policy, 
and the age of the insured at the date thereof, or in lieu of 
said statement, to admit the person making the valuation into 
their offices, paying his necessary expenses thither and back ; 
making it unlawful for any Company to issue policies until 
its entire capital shall have been subscribed and paid in, in 
cash, unless otherwise provided for in its charter, and until 
the receipt of a certificate from the Insurance Commissioners, 
authorizing such Company to issue policies, said certificate to 
be granted only upon personal examination by the Commis- 
sioners ; requiring Companies chartered as Stock and Mutual 
Companies to keep the business of their stock and mutual 
departments separate ; and providing that no Mutual Com- 
pany incorporated in auother State shall insure property upon 
the mutual plan within this Commonwealth, unless such Com- 
pany shall have $100,000 in available cash funds, securely 
invested, and at least $100,000 in deposit notes ; and provid- 
ing further, that no Massachusetts Mutual Company thereafter 
incorporated should insure property without the limits of the 
State. 

Acts 1857, c. 259 : An Act in addition to an Act concerning Insurance 
Companies. 

Imposing upon every agent making iusurance in violation 
of any law of the Commonwealth a forfeit of $1,000 for each 
offence. 

Second Annual Report. 
In their Second Report, the Commissioners, after speaking 
encouragingly of the sound and prosperous condition of the 
Companies authorized by the Department, add the following 
cautionary words relative to irresponsible organizations : — 

" Our business men are fast becoming convinced that it is far 
better to pay" fair and even liberal premiums to good offices, rather 
than, as has been too frequently the practice, for the sake of a 
nominal saving of a slight per cent., to take any policy which may 
be offered as a reliable and valid insurance." 



220 APPENDIX. 

The same Report, referring to the subject of a statute form 
of policy, previously recommended, again urges the pro- 
priety and equity of its adoption in the business of Mutual 
Companies, as a means of "avoiding the difficulties and liti 
tions which almost inevitably grow out of the long and com- 
plicated by-laws attached to many of the policies in use." 
After citing the statute of 1856, providing that no member 
should be liable to pay, in addition to his premium and 
deposit, more than a sum equal to his said premium and 
deposit, the Report proceeds : — 

" It would seem that this language is sufficiently explicit, and yet 
several Companies return as their estimate of the statute liability 
of their policy-holders to assessment, three times the amount of the 
premium and deposit, thus representing to the public, and undoubt- 
edly honestly believing themselves, that their contingent assets are 
fifty per cent, larger than they really are." 

Third Annual Report. 

The Third Report, submitted in 1858, reviews the advan- 
tages already secured under the administration of the 
Department. The depression and disarrangement of financial 
affairs through w T hich the country had just passed, had 
seriously involved the interests of Insurance Companies, as 
well as those of other moneyed institutions, yet the condition 
of Companies doing business uuder the sanction of the Depart- 
ment was such as to insure their soundness and the faithful 
observance of their responsibility to the public. In noting 
the progress made since the organization of the Department, 
and through its efficient enforcement of the laws, the Report 
says : — 

" Within the last three years there has been a manifest improve- 
ment in the business of insurance in this State ; arising, — 

"First. From a greater interest being taken in the subject by the 
community. And 

" Second. From better rates of premium paid for insurance. 

" The first element of this improvement has been educed by the 
impositions practised by Insurance Companies going into operation 
without any actual capital or basis of strength, and designed only 
to furnish emplo} T ment, with lucrative salaries, for parties having 
no regard for aught but their own private advantage. . • . . 



APPENDIX. 221 

" The disposition of the public to receive a policy written by any 
Company, and bearing the forms of law, as a valid insurance, made 
the success of such Companies easy and sure for a time ; but when 
losses occurred upon those policies, the worthlessness of the Com- 
panies issuing them became apparent. . . . 

" The second element of improvement is dependent partly, and 
perhaps principally, upon the practical results of the first. 

" While by the operation of this growing public sentiment, to 
which we have alluded, fraudulent or unsafe Companies, either 
Home or Foreign, have been deprived of a large share of their 
business, the laws of the State have assisted in driving them from 
the field, thus enabling substantial and honest Companies, freed 
from irresponsible and reckless competition, so to control and 
regulate their business, as to be able to meet promptly all just and 
legal claims against them, and to command at once the confidence 
and support of the public." 

Reciting numerous results growing out of the service of 
the Department in securing the complete protection of the 
insuring community, the same Report affirms the determination 
of the Commissioners to adhere to their established rule, viz. : 

" To admit no Company to do business in the State until per- 
sonally visited, and all its affairs, its investments, and eveiything 
affecting its solvency, should be examined either by themselves or 
their selected agent." 

The adoption of this rule, which has ever since been 
observed by the successive Commissioners, was directly in 
the interest of the people, as well as of sound Companies and 
honest insurance. As one of its results, numerous Companies 
applying for admission have either been rejected upon ex- 
amination, or have voluntarily withdrawn, rather than submit 
to a test which would have inevitably revealed their weakness 
or insolvency. 

Very much of the practical insurance legislation now in 
force in Massachusetts, is the direct result of the suoforestions 
based upon the experiences of its Insurance Department. 
Hence, nearly all the Reports of its Commissioners have dis- 
cussed and recommended enactments looking to the proper 
regulation of the business and the effectual protection of the 
insured and the insuring. The earlier, as well as the later, 



222 APPENDIX. 

history of the Department has thus developed and recorded 
practical and useful achievements in this direction. 

Among other measures recommended in the Third Report, 
and subsequently carried into effect under statutory provision, 
were the suppression of a numerous class of itinerant insur- 
ance agents, representing unknown or worthless Companies, 
and in their name collecting premiums in open defiance of the 
laws of the State ; the passage of a law providing that all 
persons transacting business, either directly as agents, or by 
receiving applications from other persons or corporations for 
Insurance Companies not incorporated by this Commonwealth 
— transmitting the same and receiving in return policies of 
insurance therefor, and retaining directly or indirectly, any 
commission for such service — shall be taken and held to be 
the agents of such Companies ; also providing that all general 
and local agents of Companies from other States and countries 
shall file their bonds with the Insurance Commissioners for 
approval and acceptance, and procure from them, before 
transacting business for such Companies, a certificate that the 
Companies represented by them have been legally admitted 
into the State, and that said Companies and agents have 
fully complied with the laws thereof relating to the same — 
such certificates to be renewed annually ; also a more stringent 
enactment to secure the prompt filing of annual statements. 

The success with which the Department has been able to 
carry into effect these and other measures intrusted to its 
administration, has rendered them a source of great advantage 
and utility. In the execution of this service, it has received, 
from first to last, the cooperation of every honorable and law- 
abiding Company and agent. 

Acts 1858, c. 49 : An Act in relation to Returns by Agents of Foreign 
Insurance Companies. 

Providing additional penalties for delay or neglect in 
making returns. The provisions of this act were repealed in 
the same year (ch. 170), and agents were relieved from 
penalties and forfeitures already incurred, upon giving bonds 
to make the required returns. 



APPENDIX. 223 

Acts 1858, c. 150 : An Act to amend an Act concerning Insurance Companies. 

Amending sect. 39, ch. 252, Acts 1856, so as to authorize 
any Mutual Fire Company hereafter incorporated in this 
Commonwealth to issue policies when it shall have $250,000 
subscribed to be insured, instead of $500,000, as previously 
required. 

First Reorganization of the Department. 

Acts 1858, c. 177 : An Act for the better establishment of the Board of 
Insurance Commissioners. 

Be it enacted, &c, as follows : 

Sect. 1. The board of insurance commissioners shall hereafter 
consist of two commissioners, who shall receive an annual salary of 
fifteen hundred dollars each, payable in quarterly instalments, on 
the first days of January, April, July and October, respectively, in 
lieu of the per diem compensation and clerk hire, authorized by the 
fourth section of the one hundred and twenty-fourth chapter of the 
acts of the year eighteen hundred and fifty-five. 

Sect. 2. It shall be the duty of said commissioners to visit and 
examine, whenever they shall deem it necessary, any insurance 
company, or loan fund association in this Commonwealth ; and it 
shall be their duty so to do whenever they shall be requested, in 
writing, by five persons, each of whom is either a stockholder, or a 
creditor, or is in some way pecuniarily interested in said company 
or association ; and it shall be the duty of said commissioners to 
calculate the existing value, on some day in every year, designated 
bj' them, of all Outstanding policies of life insurance, in companies 
authorized to make insurance on lives in this Commonwealth ; and 
such calculated values shall be included by the insurance commission- 
ers in their annual report to the legislature. All companies making 
insurance upon lives, or their agents, in this Commonwealth, shall 
furnish to the commissioners an attested statement, certified in the 
same manner in which their returns are now required to be certified, 
setting forth in form the number, date and amount of each policy, 
and the age of the insured at the period of its date ; in default 
whereof the said companies, or their agents, shall be liable to the 
same penalties as are imposed by law, for neglect to make returns. 

Sect. 3. All acts and parts of acts inconsistent with this act, 
are hereby repealed. [Approved March 27, 1858. 

Under the provisions of this Act, the Board of three Com- 
missioners ceased to exist, and a new Board, consisting of 



224 APPENDIX. 

two, assumed the duties of the Department, May 1, 1858, 
with Hon. Elizur Wright as Chairman. During the remain- 
ing months of the year, the business of the Department was 
materially reorganized, and greater efficiency was introduced 
into its various branches of service. 

Fourth, Fifth and Sixth Annual Reporj - . 
The Fourth was the first Report in the regular series pub- 
lished after the reorganization of the Department in 1858, 
and the enactment of the law in the same year authorizing 
the Commissioners to value the outstanding policies of Life 
Insurance Companies. Referring in this connection to the 
principles and benefits of life insurance, when legitimately 
conducted, Mr. Wright submits these views upon the doctrine 
of probabilities as appertaining to life and fire experiences : — 

" Nature, in all her works, studies graduation, but in her finest 
she also studies to conceal it. The scales of a fish overlap each 
other by visibly regular intervals. The feathers of a bird overlap, 
too, but b} T an adjustment that escapes notice and defies measure- 
ment. One human generation steals away after another, in lives of 
such varied length as apparently to laugh at the idea of law, the 
father often living as heir to the son. and nearly one-half the race 
dying before it reaches maturity. The population, always renewing 
itself, sinks away as imperceptibly and unaccountably to the care- 
less beholder as a river running across a sandy plain, or the water 
from the pulp that is made to flow over the sieve of a paper machine. 
Yet careful observation on any considerable number of lives never 
fails to discover footprints of adjustment and a remarkable approach 
to what ma}' be represented by that miracle of mathematics and 
pride of nature, a curve. No one deduction, though it extended to 
a hundred thousand lives, would be of much authority as a revela- 
tion of the ultimate life-curve at which nature aims. It would, 
doubtless, have more or less anomalies, vibrations and zigzags in 
its line. But multiplied inductions, being found to agree in the 
main, must correct each other, and establish with sufficient certainty 
the limits of that zodiac which comprehends the decrements of life 
for the various classes of population. Observations on the popula- 
tion of particular localities, and of entire nations, on annuitants 
who have the strongest pecuniary motive to live, and who have 
often been selected for their strength of vitality, and on insured 
lives that have an almost equally strong pecuniary motive to die 



APPENDIX. 225 

promptly, have resulted in scales of decrement differing so little from 
each other and from a regular curve, that one must be profoundly 
skeptical not to believe in the existence of a perfectly graduated 
scale, curve or law, which nature works after as her pattern or type. 
" With the final cause of this fact, which may be regarded as one 
of the most interesting discoveries of modern science, we have 
nothing to do here. We only wish to get it duly recognized as a 
good reason wiry the risk on an insured life or on a thousand lives, 
should be viewed differently from that on an insured house or on a 
thousand houses. There is a basis for valuation in the one case 
which does not exist in that of the other. Though by studying the 
statistics of conflagration we may somewhat enlighten our judgment 
as to the ratio of loss that may be expected to accrue on a given 
large number of fire risks, so as to be able to fix a reasonable 
premium for insuring against fire, } T et no carefulness or persistence 
of observation has ever been able to discover any traces of a law in 
regard to the occurrence of destructive fires. They are preventable 
on the one hand up to the limit of non-occurrence ; they are pos- 
sible on the other up to the entire destruction of whatever is com- 
bustible, and the}* range pretty freely and fortuitously between these 
limits. The probabilities in regard to them are always changing 
with time, place and circumstances. Therefore it is that, leaving 
dishonesty out of consideration in both cases, fire insurance can 
never possess the certainty and stability which belongs to life in- 
surance." 

Upon the vital question of a safe and equitable premium 
reserve, the same Report continues : — 

" The difference between the various rates of mortality adopted 
by different Companies is probably of less practical importance than 
the difference between the rates of interest assumed as certain to be 
realized on the investment of money. A very large part of the im- 
mense sums promised to be paid in the distant future is to be pro- 
duced b} 7 the accumulation of interest, and the premium being fixed 
at the outset as unalterable, it will make a life or death difference with 
the Company whether six per cent, is always to be received on invest- 
ments, or the rate is to fall occasionally or permanently to four or 
three per cent. If the interest is to be more, the premium may be 
less ; and if it is to be less, the premium must be more. The only 
safety is to assume the rate of interest so low that the profits on 
investments may alwaj^s exceed it, and to divide at short intervals 
the surplus that maj^ result from the excess. The English Com- 
panies are generally afraid to assume a rate higher than three per 
29 



226 APPENDIX. 

cent., and some assume as low as two and one-half. The American 
Companies generally deem it safe to assume four per cent." * 



Referring to over-accumulation from a higher rate of interest 
on investments than the assumption as the basis of the pre- 
mium, the Report adds : — 



" This surplus, in the case of Mutual Companies, belongs to the 
insured from whose premiums it has accrued, and in proportion to 
the amount paid by each multiplied into its time. If it should not 
be divided, but continue accumulating till those who were the first 
contributors to it, and for that reason probably are most largely 
interested, have dropped awa} T by death, or by the lapse or surrender 
of policies, a wrong will be done which, though not so frightful as 
bankruptcy, may be as extensive in its transfer of property from the 
hands of its owners to those of strangers. . . . Every Mutual 
Life Insurance Company is exposed to two opposite dangers : over- 
accumulation on the one hand, by which the earlier members may 
be defrauded to enrich the later ones ; and excessive dividends, by 
which the earlier members are benefited to the injur}- of the later 
and perhaps to the bankruptcy of the Company." 

" The Non-Forfeiture Law'' 
Discussing the subject of the forfeiture of policies by the 
non-payment of premiums, Mr. Wright, the father of the 
" Non-Forfeiture Law " of Massachusetts, says in the Fourth 
Report : — 

" The absurdity of having the forfeiture of an annual premium 
insurance work the forfeiture of one on which the premium has all 
been paid down, is too flagrant to need dwelling on. 
The excuse offered for this palpable injustice, is, that every insuree 
is made aware, before taking his polic}-, that such is the condition 
of forfeiture, both of it and of all the additions that may be made 
to it. If a person in such circumstances, commencing a life-long 
experiment, does not misunderstand the conditions of the policy, 
he ma} T misunderstand his own strength, and ma}- be very unwise 
in piling up penalties to be visited years hence on his want of 
punctuality. Why should the Company invite him to do it?" 

* The Massachusetts standard. 



APPENDIX. 227 

In the same connection, the Report proceeds to argue that 
it would not be a law impairing the just obligation of con- 
tracts, but quite the contrary, which should enact that any 
policy thereafter issued by any Company chartered by au- 
thority of this Commonwealth, after lapse for non-payment of 
premium, should nevertheless be good against the Company 
in case of death, should that event occur before the value of 
the policy, at the time the last premium was due, should be 
exhausted in temporary insurance. Or, in other words, that 
a policy ought not to become void for non-payment of 
premium till the sum already paid has been exhausted in 
temporary insurance, or till the policy has no longer any 
value. 

Again, in the Fifth Report, Mr. Wright, continuing the 
discussion of the same subject, urges the enactment of a 
properly guarded statute recognizing the equity of temporary 
insurance under a forfeited life policy, for the full period 
which the premium already paid will cover, and adds : — 

" Very large corporations may take narrow views of their own 
interests, and we think the Companies which oppose this legislation 
mistake their true policy, which is to have their business freed from 
all bugbears and relics of barbarism, all unfair gambling, and made 
incapable of giving any customer a value less than that for which he 
pays." 

In the Sixth Report the same subject is further considered, 
and the following language is used : — 

" Corporations are the creatures of the Legislature, and must 
undoubtedly conform the contracts they make to its will, when that 
will is once expressed. In this case, by expressing its will against 
a bargain which in point of morals is no better than a bet, and an 
unfair one at that, we believe it will benefit the Life Insurance 
Companies no less than those who would otherwise become the vic- 
tims of their peculiar mode of obtaining pay for service never to be 
performed. We do not in the slightest degree question that this is 
done with the best possible intentions. But we have all read of a 
bad place paved with those good intentions. Practically the law is 
not needed against the best Companies, which are altogether better 
than their bargains. But Companies, such as have been and may 
yet be, under dishonest, reckless and mercenary management, can 



228 APPENDIX. 

and will, with such bargains, make a good thing, in a financial 
sense, of their bad credit, by sending out highly magnetic and glib- 
tongued agents into quarters where their standing is not well known, 
— and the world will always be too large to have it known every- 
where, — and alluring men to take policies, who, after several pre- 
miums are paid, will discover their error, and forfeit what they have 
overpaid as the best mode of escape from greater loss. By such 
gains in the mother country, companies of virtual swindlers, under 
the name of life insurance, wasting in profligate expenditure a full 
third of all the funds intrusted to them, have managed to exist 
through, perhaps, an entire generation, and make a show of sol- 
venc} r and respectabilit}-." 

The paragraphs already cited sufficiently indicate the prin- 
ciple involved in Mr. Wright's proposition, and although at 
the instance of several Insurance Companies the legislation 
sought for was strongly opposed in 1859, 1860 and 1861, 
yet at the Session of 1861 the act known as the "Non-For- 
feiture Law " became a statute of the Commonwealth. We 
quote its text as follows : — 

[Chap. 186, Acts of 1861.] 

Sect. 1. No policy of insurance on life, issued on or after the 
tenth day of May, in the year eighteen hundred and sixty-one, by 
any company chartered by the authority of this Commonwealth, 
shall be forfeited or become void by the non-payment of premium 
thereon, any further than regards the right of the party insured 
therein to have it continued in force beyond a certain period, to be 
determined as follows, to wit : The net value of the policy, when 
the premium becomes due and is not paid, shall be ascertained 
according to the "Combined Experience," or "Actuaries'" rate of 
mortality, with interest at four per centum per annum. After de- 
ducting from such net value any indebtedness to the company or 
notes held by the company against the insured, which notes, if 
given for premium, shall then be cancelled, four-fifths of what 
remains shall be considered as a net single premium of temporary 
insurance, and the term for which it will insure shall be determined 
according to the age of the party at the time of the lapse of pre- 
mium, and the assumptions of mortality and interest aforesaid. 

Sect. 2. If the death of the party occur within the term of 
temporar} T insurance covered by the value of the policy, as deter- 
mined in the previous section, and if no condition of the insurance 
other than the payment of premium has been violated by the insured, 



APPENDIX. 229 

the company shall be bound to pa}' the amount of the policy, the 
same as if there had been no lapse of premium, anything in the 
polic}* to the contrary notwithstanding : provided, however, that 
notice of the claim and proof of the death shall be submitted to 
the company within ninety days after the decease ; and provided, 
also, that the compan}* shall have the right to deduct from the 
amount insured in the polic} T the amount at six per cent, per annum 
of the premiums that had been forborne at the time of the death. 

It will be seen that this important act proposes no inter- 
ference with past contracts, but simply a provision of law 
that in future contracts " nothing shall be forfeited beyond 
the policy-holder's share of accrued divisible surplus and the 
right to be insured beyond the term already fully paid for in 
cash, — the establishment of the principle, in fact, that the 
policy-holder, or his representatives, shall be entitled to all 
the insurance which he pays for, whatever may be the terms 
of the contract." 

Eeferring to the final passage of the act, Mr. 'Wright 
remarks in the succeeding Report, that there is no Company 
in the Commonwealth which cannot with perfect safety award 
to ail its policy-holders the full security which the act intends 
to provide for the future, without at all raising its premiums. 

For the purpose of determining the net value and term of 
extension of forfeited policies, under the provisions of the 
act, he annexes to the Report an elaborate table, computed 
by himself, of single premiums at all ages, for any number of 
years within the limits of the Combined Experience Table of 
Mortality. 

At an early period after the enactment of this statute, 
several of the Life Companies, recognizing the principle that 
the policy-holder has an equitable claim to all the insurance 
he pays for, adopted a "Non-Forfeiture Plan," which, with 
various modifications, has since come into general use, holding 
themselves bound to pay, at the death of the insured, so 
many fifths or tenths, etc., of the sum insured as he had paid 
full premiums, depending upon the terms of the policy, a 
new paid-up policy, and therefore non-forfeitable, being given 
for the amount, upon surrender of the original forfeited by 
non-payment of premium. 

In the case of Home Companies adopting this " Plan," the 



230 APPENDIX. 

insured has his option either to retain his forfeited policy, and 
trust to the legal obligation of the Company to pay the full 
amount if death should occur within the time of its continuance 
in force under the statute of 1861, or surrender it and take 
a new paid-up policy for a smaller amount, payable whenever 
the death may occur. 

Insurance Legislation Continued. 

Acts 1859, c. 146 : An Act in addition to an Act concerning Insurance 
Companies. 

Amending the form of returns rendered by Life Companies, 
so as to require a statement of the distinctive number, date 
and amount of each outstanding policy, not previously re- 
turned, and the age of the party or parties insured thereby ; 
also, in the same form, what policies terminated during the 
year, stating whether by death, surrender or forfeiture, and 
what, if anything, was paid in each case to the legal holder of 
the policy. 

Res. 1859, c. 78 : A Resolve concerning the Insurance Commissioners. 

Giving to the Commissioners, as compensation for assist- 
ance employed in making the valuation of policies for the 
year 1858, the amount paid by the Companies for that service. 

The General Statutes of the Commonwealth having been 
consolidated and arranged in a concise and comprehensive 
form, in accordance with a Eesolve of 1855, a Special Session 
of the Legislature was convened in the autumn of 1859, for 
the purpose of considering and revising the same, so far as 
might be necessary. The work having been fully completed, 
the Statutes, as thus revised, were enacted to take effect on 
and after May 31, 1860. These included, of course, a consol- 
idation of all the insurance laws of the State passed prior to 
1860, the whole making seventy-eight sections, and consti- 
tuting Chapter 58 of the General Statutes. 

Acts 1860, c. 149 : An Act to prevent Officers and Directors of Mutual Fire 
Insurance Companies from giving Guaranties against Assessments. 

Acts 1860, c. 178 : An Act to provide for Clerical Assistance to the Board 
of Insurance Commissioners. 

Providing that an amount not exceeding $1,000 of the fees 
received for the valuation of life policies be paid to the Com- 



APPENDIX. 231 

missioners, as compensation for assistance employed in such 
valuation, the same to be in addition to the sum allowed for 
salaries and other expenses of the Board. 

Acts 1861, c. 152 : An Act concerning the Form of Policies of Fire Insurance. 

Requiring the conditions of insurance to be expressed in 
the policy, and excluding the application and the by-laws of 
the Company as such, as a warranty or part of the contract. 

Acts 1861, c. 170 : An Act in regard to Agents of Insurance Companies. 

Constituting and recognizing any person soliciting insurance 
or transmitting applications therefor, etc., as the agent, to all 
intents and purposes, of any Insurance Company in whose 
behalf such service is rendered, whether incorporated in this 
Commonwealth or elsewhere. 

Seventh Annual Report. 

Prior to 1862, the Reports of the Department had included 
the statistics of both fire, marine and life business in one 
volume, but in that year the Commissioners decided to render 
them in two Parts, the first to include the fire and marine, 
and the second the life business. The division seemed not 
only a matter of convenience and economy, but absolutely 
necessary to the usefulness of the report on life insurance, as 
well as to meet the earlier demand for that on fire and marine 
insurance. So great have been the advantages derived from 
this division, that it has been continued to the present time. 

Classification of Risks, etc. 
Several pages of Part I., of the Seventh Report, relating 
to fire and marine insurance, are devoted to a consideration 
of the mathematical doctrine of chance, or the law of average, 
as applied to marine underwriting, and of the very notable 
lack of statistical inquiry in this and other countries necessary 
to an intelligent classification and valuation of risks in each 
species or class of property, especially property exposed to 
conflagration. Such inquiry is properly held to possess vital 
importance in successful underwriting ; and although the sub- 
ject has since received special attention, the views expressed 



232 APPENDIX. 

fifteen years ago are pertinent even in the light of subsequent 
experience. On this point, the Report says : — 

" Our countrymen must have gone into the business with no 
better light than the experience of Companies in other countries, 
and a sort of dim instinct teaching them that a carpenter's shop or 
a livery stable, exposed to ignited cigar stumps and other incendiary 
missiles, must be several times more hazardous than a well-kept 
dwelling-house. Working at first by mere presumption, instead of 
the results of statistical inquiry, some Companies amassed enormous 
profits, while others left themselves beacon-wrecks to warn succeed- 
ing Companies against the low rates that ruined them — supposing 
the} 7 were not ruined by high expenses. This high-priced experience 
of former insurance is, of course, of some value just as it is, but of 
very little value compared with what it would have been if every 
Company had carefully classified its risks, and ascertained exactly 
what was the ratio of loss for the year to the amount insured through 
the } T ear in each class. If the same classification could have been 
adopted by all the Companies, by combining the results of the 
experience of all, or of such a number that in each class we should 
have an amount insured through a year ten thousand times greater 
than the greatest single risk in that class, we should have an aver- 
age value of the risk in each class which would be a sure starting, 
point for judgment as to the proper rate to be charged for any 
particular risk." 

The Report proceeds to eliminate various statistical illus- 
trations from the returns of some of the Companies, showing 
the imperfect basis of classification upon which their business 
had been conducted, the Department having in the previous 
year invited information from them in regard to their ex- 
perience in three classes of risks. In connection with the 
results given, the Report says with truth, that any Company 
large enough to furnish real insurance on any risk, could take 
the more hazardous risks as safely as the less hazardous, if it 
could only ascertain their true average value by which to 
regulate its premiums. 

Eighth and Ninth Annual Reports. 
The Reports of the Department have frequently urged the 
necessity of a proper limitation and distribution of risks, and 



APPENDIX. 233 

their suggestions upon this important subject have not been 
unheeded. Both within and without the sphere of legislation, 
they have accomplished practical and useful results. Part L. 
of the Eighth Keport, cites various statistics illustrating the 
danger and misfortune of exposing too many risks to a single 
conflagration, and adds : — 

" No Company without a business, the income of which is at least 
ten times that of its capital, can hazard one-tenth, or even one-fifth 
of its capital on each of a considerable number of risks without being 
pretty sure some time or other of serious impairment. The safety 
of the capital depends on the minute subdivision of the risk, as well 
as in alwaj's exacting a premium above the average net value of the 
risk. The directors should aim to multiply the business, rather than 
to magnify it. There can be no doubt whatever that most of our 
unfortunate Companies carry risks which, on the average, are much 
larger in proportion to the whole number of risks carried, than those 
of the largest Companies with which the}' have to compete." 

Life Insurance Expenses. 

While all necessary and legitimate expense in conducting 
the business of life insurance has been treated by the Depart- 
ment as a proper and paying investment, it has labored from 
first to last to expose and check extravagance and mismanage^ 
ment in that direction. On this important and vital subject, 
Part II., of the Eighth Report, remarks : — 

" Water is the same element ever}'where, but you sometimes 
profitabl} T expend nine-tenths of the power of a stream to conve} r 
the other tenth to the top of a hill whence it may flow to assuage 
the thirst of a cit}\ If we gauge the suffering of one manly heart, 
for the single hour, while the films of death are curtaining its loved 
ones out of sight unprovided for, and remember how many such 
agonies life insurance has prevented, putting hopeful and happy 
farewells in their stead, after prolonging life perhaps by lightening 
care, we shall be ready to justify the Companies in any necessary 
expense, and see reason to think the longest liver will have made a 
good investment, when such blessings to his fellow-men are to be 
taken into his interest account. Forethought and mutuality of effort, 
to provide the most effectually against future contingencies, is not a 
spontaneous growth of the human soil. It is a matter of special 
30 



234 APPENDIX. 

cultivation ; the result only of some sort of missionary labor, not- 
withstanding its manifest coincidence with the highest interests of 
all concerned." 

After according to the honest and successful life insurance 
agent a high place among the honorable workers in the 
civilized world, the same Report proceeds : — 

" But it does not follow from this that commissions or agents' 
salaries may not be very unworthily paid. We believe they often 
are so, and this may account for the fact that a large percentage of 
expense often fails to give a large percentage of increase to the 
business. No business has perhaps been more afflicted witij quack- 
ery, or suffered more from an unworthy and unwholesome advocac}'. 
Experience, it seems to us, ought to teach the Companies to employ 
as agents only men able to do credit to anj T profession, men of 
unquestionable integrity and of first-rate talents and culture, men 
of too high a style of mind to exalt their own Company to the 
detraction of another, or to prevail by taking advantage of weakness 
and ignorance, rather than by the strength of their arguments or 
the knowledge they are able to impart." 

In the same connection, referring to the tendency to form 
new Companies, occur these words : — 

" In a county like ours, no business can show unwonted pros- 
perity without attracting to it a flood of competition. The distin- 
guished success of twent} r Life Insurance Companies will stimulate 
to the birth two hundred new experiments, and should state legis- 
latures yield to the pressure for charters, instead of having only a 
sufficient number of strong, healthy national institutions, serving 
the whole public at a minimum cost, we should have their wheels 
blocked by a multitude of wrecks and failures, bringing reproach 
and disgrace on the business itself, and virtually, if not intentionally, 
robbing more widows and orphans than the most successful system 
could ever endow. The best orchard in the world may be spoiled 
by planting too many trees in it." 

Upon the same subject, particularly in regard to the ex- 
posure of ratios of expense to which some Companies had 
made objection, Part II., of the Ninth Report, adds : — 

" The arguments against exposing the ratio, if it proves any- 
thing, proves that the expenses should not be called for at all, 



APPENDIX. 235 

which is proving rather too much. The provision for safety in the 
actual premium is so very ample, that even extravagant expenses 
may not destroy the sufficiency of the premium reserve fund, but 
they go their whole length to diminish the divisible surplus, and can 
only be justified on the ground of unavoidable necessity or as a 
productive investment for the increase of future income. This sort 
of tree, as well as others, must be judged by its fruits. Officers 
who spend largely, only because they have good reason to believe 
that such expenses incurred at present will enable them to show a 
lower ratio in future years, should not object to the clearest pub- 
lication or closest scrutiny of this ratio. It is needless to justify 
such publication against the clamor of managers whose high ratio 
is, or is intended to be, chronic. . . . 

" It is certainly true, and will be so long as it is impossible both 
to eat and to keep the same cake, tnat, other things being equal, the 
Company that spends the least in running its machine is the best to 
insure in, and hence the importance of recording and calling atten- 
tion to the ratio of working expenses. But the Company must not 
be judged by a single year, or without regard to its position as to 
age and magnitude, or its results of operation relative to the future. 
Though we are well aware how these figures in regard to life in- 
surance expenses may be abused, we are still of opinion that they 
are the most important figures in regard to it, and cannot be con- 
cealed without the hazard of a far greater evil than discouraging the 
labors of very worthy new or small Companies. There may be 
danger in light, if it is of the unsteady, fitful, ignis fatuus sort, but 
impartial twilight is better than no light." 

The Massachusetts Standard of Valuation, 

One of the most important and laborious duties of the 
Department has been the valuation of policies of insurance 
on lives. Under the provisions of chapter 177 of the Acts of 
1858, continued in force by sect. 4 of chap. 58 of the General 
Statutes of 1860, the Commissioners were left at liberty to 
select their own standard of valuation. This they did, having 
in view the two vital assumptions necessary for a correct and 
reliable valuation, one as to the rate of mortality, and the 
other as to the rate of interest likely to prevail in the future. 

After a careful and intelligent canvass of the whole subject, 
in which all probable and possible exigencies were duly 
estimated, the Commissioners wisely decided to adopt the 
"Combined Experience, or Actuaries' Table of Mortality," 



236 APPENDIX. 

with interest at four per centum per annum, as the Massa- 
chusetts standard of valuation. In conformity with this 
decision, the first government valuation of life policies in 
the United States was published in the Fourth Massachusetts 
Report, covering the business outstanding at the close of 
1858. 

An attempt to secure the establishment of a similar plan of 
investigation aud valuation of life policies by government 
officers in England, failed in a parliamentary committee in 
1853, because the English actuaries pronounced it imprac- 
ticable on account of the magnitude of the labor, as well as 
too intrusive to be tolerated by the old and powerful corpo- 
rations. Subsequent attempts also failed for similar reasons ; 
but in this country the labor has been easilv and scientifically 
performed, and the results have been eminently useful. 

The advantages of such actuarial valuation, as illustrated 
in American experience, have been often and fully presented 
in the Reports of the Department, while in no instance have 
the results shown the standard too high. The decision of 
the Commissioners received the official sanction of the Le^is- 
lature, which, in chap. 186 of the Acts of 1861, formally 
recognized and adopted the " Combined Experience, or Ac- 
tuaries' Table," with interest at four per centum per annum, 
as the legal standard of valuation in this State. 

The Reports have from time to time devoted much space to 
the consideration of issues arisiug from the valuation of life 
policies, but these discussions have been too voluminous for 
review here. Upon the general subject, Part II., of the 
Eighth Report, says : — 

" The use of the valuation, we conceive, is not to settle all the 
questions that can be raised as to the merits of the Companies, but 
to test how far each has made, out of its premiums, a certain actual 
provision for the risks assumed. This provision, or premium re- 
serve, may have a more or less important bearing on the ultimate 
solvency of the Companj', according to the greater or less margin 
of the actual premiums. . . . But besides providing for sol- 
vency to the last, there is another question — one of equity — between 
the old and new policy-holders, and it is for the light it throws on 
this question that a net valuation of policies is chiefly important. 
The net valuation aims to determine just what the Company must 



APPENDIX. 237 

have in hand, as a matter of equity between the past and the future. 
All over that may safely go back to those already insured ; it 
belongs to them, and not to those who are to be insured, unless the 
standard of valuation is too low. Less than that the Company 
cannot have, and acquire new members, without compelling them to 
contribute to supply the deficiencies of the old ones, unless the 
standard of valuation is too high. The possibilit}" of making a 
valuation which will serve this purpose equally for all Companies, 
depends on the question whether human life, as all the Companies 
find it, conforms to a uniform law of average. We assume that it 
does, and that when any Company takes plainly extra hazardous 
risks, it provides against any disturbance of the average b} T sufficient 
extra premium. That is, we assume that the extra loss in any year 
is made good by the extra premium of that year." 

In the communication from the then Insurance Commissioner 
of Massachusetts to the International Congress in St. Peters- 
burg, in 1872, cited on page six of this History, occurs the 
following reference to the subject here under consideration : — 

" Experience in America has most full}" demonstrated the useful- 
ness of the Massachusetts standard of valuation, as a safe and 
equitable test of solvency. The speculative character of many of 
the insurance organizations, the fluctuating and to some extent 
uncertain values of a considerable portion of the investments and 
assets upon which the safety of policy-holders so largety depends, 
and the nature of various other contingent risks alwaj-s and every- 
where appertaining to institutions of this class, have further con- 
firmed the wisdom of its adoption as a basis of reserve. Equally 
apparent is its adaptation as a standard for every country, whose 
rates of interest and other monetary relations are in substantial or 
even approximate conformitj 7 with those of the United States. 

" To Massachusetts belongs the credit of having taken the lead 
in this important service. The standard which has received her 
sanction has continued to gain prestige and authority, and succes- 
sive experiences have warranted no modification of its terms or 
requirements. As a basis of reserve, it has proved none too high or 
exacting, although, as the business has enlarged in volume and 
opened increased facilities for pecuniary gain, the spirit of specula- 
tion and the desire for private emolument have strenuously sought 
the establishment of lower standards. 

"It is at once apparent that in determining the safet} 7 of a life 
insurance reserve, an assumption of interest predicated on an 
average of merely legal, instead of market, rates, is a vital mistake, 



238 APPENDIX. 

and more than likely to prove fatally erroneous. ... In examin- 
ing the returns made to the Massachusetts Department since its 
organization in 1855, and also the annual statements of the American 
Companies for nearly fifteen j^ears prior to that time, a significant 
difference appears in the productiveness of the various classes of life 
insurance assets. Those which have been most productive have 
generally realized from five to seven per cent, per annum, and 
in some instances more, particularly in the new and more recently 
established States. Other assets have not yielded nearly so much ; 
while a portion have been to a greater or less extent temporarily 
idle or unproductive. Besides, a considerable percentage of the 
assets equitably admitted as legitimate, are simpl}- contingent in 
their character and relation, and are wholly unproductive. 
Excluding items in no sense entitled to be reckoned as interest, but 
improperly returned as such, and averaging the balance on product- 
ive and unproductive assets pledged as security for the reserves, 
and the rate realized bj' all the Companies, weak and inexperienced, 
insolvent and bankrupt, as well as the solvent and strong, for the 
last third of a centur}-, has varied but a fraction from four and 
eight-tenths per cent, net per annum upon average assets at the 
middle of the year, — showing no margin for a reduction from the 
Massachusetts standard." 

Insurance Legislation Continued. 

Acts 1862, c. 145 : An Act concerning Insurance Companies. 

Authorizing the Commissioners to apply for an injunction 
when a Company has exceeded its powers, or failed to com- 
ply with any of the rules, restrictions or conditions provided 
by law. 

Acts 1862, c. 181 : An Act relating to Mutual Fire Insurance Compa: 

Empowering the Supreme Judicial Court to decide upon 
the necessity of assessments, and ratify or annul the same ; 
prescribing procedure in such cases ; repealing the law cre- 
ating a lien by a policy of insurance, etc., and establishing a 
new form of annual statement. 

Acts 1862, c. 224 : An Act to Levy Taxes on certain Insurance Companies, 
etc. 
Acts 1863, c. 148 : An Act concerning Life Insurance. 

Providing that when the actual funds of a Life Insurance 
Company are not of a net cash value equal to its liabilities, 
counting as such the net value of its policies under the Mas- 



APPENDIX. 239 

sachusetts (four per cent.) standard of valuation, such Com- 
pany shall cease the issue of new policies within this Com- 
monwealth. 

Acts 1863, c. 249 : An Act concerning Fire Insurance Companies. 

Providing that suspension of business for one year shall 
void charter, and authorize the final settlement of a Com- 
pany's affairs ; relating to the time and manner in which 
assessments shall be decreed ; and also to the manner of pro- 
ceeding when capital is impaired. 

Acts 1864, c. 29 : An Act relating to the Investment of the Capital and 
Funds of Insurance Companies. 

Authorizing investments in the stock of banking-houses 
organized under acts of the United States. 

Acts 1864, c. 113 : An Act to authorize the Election of Vice-Presidents of 
Insurance Companies. 

Acts 1864, c. 114 : An Act in relation to the Agents of Foreign Insurance 
Companies. 

Making agents personally liable on contracts of insurance 
negotiated by them, when neglecting to comply with the laws 
relating to their appointment ; also personally liable for taxes, 
when Companies represented by them neglect to pay the 
same. 

Acts 1864, c. 161 : An Act relating to Assessments by Mutual Fire In- 
surance Companies. 

Authorizing a stay of further collection of assessments 
when warranting no substantial relief to claimants against 
the Company. 

Acts 1864, c. 196 : An Act concerning the Form of Policies. 

Requiring conditions of insurance to be stated in the body 
of the policy. 

Acts 1864, c. 220 : An Act concerning the Custody of the Returns of Life 
Insurance Companies. 

Authorizing the Commissioners to prevent the publication 
of any part of such returns and statements, until their Report 
is made to the Legislature. 



240 APPENDIX. 

Acts 1804, c. 277 : Aii Act relating to Insurance ( tampan 

Forbidding the issue of policies for terms extending beyond 
the time for which the Company is incorporated, unless such 
act of incorporation be renewed or extended. 

Acts 1864, c. 308 : Au Act relating to Receivers of Insurance Compai 

Requiring annual reports to the Insurance Commissioners ; 
authorizing the Supreme Judicial Court to order final report 
upon the certificate of the Commissioners ; and to fix the 
compensation of Receivers. 

Acts 1865, c. 10 : An Act in relation to Insurance Assessmer 

Requiring notice in writing within two years after the void- 
ing of the policy. 

Tenth Annual Report. 

Taxation of Insurance Companies. 

Among the more important topics of general interest treated 
of in Part I., of the Tenth Report, is the taxation of Insurance 
Companies. On this subject it is enough to say that the 
Massachusetts Department, through all its history, has ad- 
vocated the most liberal and equitable policy, deprecating 
especially all onerous and burdensome taxation. While coun- 
selling all proper leniency towards Home Companies, the 
Report urges, — 

" That legislation in regard to Companies chartered in the other 
States shall be as little onerous to them, or restrictive to the free- 
dom of their business, as is consistent with the securit}' of our own 
citizens." 

Insurable Interest, Etc. 

The text of Part II. , of the same Report, is largely taken up 
with able and analytical discussions of some of the most vital 
problems of life insurance. One of these is the insurable 
interest or money value of a human life, — au interest or value 
which, it is claimed, can hardly exist in infant life, nor at the 
age of fourscore. Insuring such lives is declared to be in 
the nature of betting, " in order to secure a money indemnity 
for the loss of a life that produces no money," and, therefore, 



APPENDIX. 241 

" worse than buying tickets in a lottery, or staking money on 
the turning of a die." The Keport says : — 

" We should shrink with horror from applying life insurance to 
infants, though the hopes that cluster around them may easily be 
conceived to have a money value. Why, then, do we insure second 
childhood, in which hope will have given place to history?" 

The "Division of Surplus," "Mortuary Experience," and 
other important subjects, are considered in elaborate and 
valuable essays in this Keport, but all too lengthy for an 
intelligent synopsis in these pages. 

Eleventh Annual Report. 

Life Insurance Funds. 

Previous Reports having very fully considered two of the 
principal assumptions on which life insurance proceeds, — the 
law of mortality and the rate of future interest, — Part II., of 
this Report, takes up the third, — the integrity of the custodians 
of the funds. Assuming that the first thing of all in judging 
of a Life Insurance Company is to know the character of the 
men who manage it, the Report observes : — 

" A mistake as to the scientific and financial assumptions may 
cause wide-spread loss and suffering. A mistake in the moral 
assumption may do all that mischief, and sap the very foundations 
of society besides. It may be questioned whether there is any posi- 
tion, either in Church or State, where dishonest}- and self-seeking can 
do so much harm as in the control of these vast funds provided by 
confiding heads of families against the widowhood and orphanage 
of those dear to them. The shock that would be produced in the 
public mind by a fatal defalcation in one of these institutions, can 
hardly be compared with that of any other calamity short of a civil 
war. Within the desolate 'burnt district* of such a failure, confi- 
dence in the honesty of any fellow-creature could hardly be restored 
in a generation 

" Men who can be safely trusted with the funds of a life insurance 
company will hardly have time to indulge in private extravagance, 
even if they have the taste for it. Their taste for something beyond 
money, or what money can buy, is stamped upon every part of their 
lives. They will do so much more and better than they are paid for 
31 



242 APPENDIX. 

doing, that no charge of mercenary motives can possibly stick to 

them 

" Let us hope that between the noble ambition of handing down 
to posterity institutions laden with incalculable blessings, and the 
intelligence of the public eye turned in their direction, American 
Life Insurance Companies may altogether escape being turned into 
engines of private or family aggrandizement at the expense of the 
widows and orphans that are yet to be." 

Retaliatory State Legislation. 

The Department has never favored retaliatory legislation, 
although the Legislature has been forced to that resort by the 
hostile enactments of other States in the imposition of burdens 
or restrictions upon Massachusetts Companies doing business 
within their limits. Referring to the fact that these institu- 
tions and their interests are, by their very nature and neces- 
sities, continental, and to the legislation of the various States 
in their behalf, the same Report proceeds to say : — 

" Their laws are of two sorts, and have two purposes -in view. 
First, those which are designed to protect their own citizens from 
imposition by fraudulent or ill-managed corporations ; second, those 
which are designed to aid their own corporations when acting in 
other States. A State creates corporations, and then feels itself 
bound to fight their battles wherever the} 7 may go. 

" As to legislation of the first class, a State has clearly a right to 
protect its citizens against fraud and imposition, whether by external 
or interna] corporations. Any reasonable security for fair dealing 
it must have a right to require. It has a right to know the truth, on 
the best evidence, as to the means and resources of every corpora- 
tion seeking business within its limits 

" But state legislation of the second class, retaliatory or other- 
wise, is, for the most part, absurd, if not unconstitutional. Laws 
which only embarrass sound institutions of other States without an}* 
tendency to exclude unsound ones, such as exorbitant license fees, 
do not protect the citizen, but injure him. They serve no imaginable 
purpose but to avert competition from the home corporations, and 
thus obstruct the freedom of trade. Massachusetts has done nothing 
of this sort aggressively, but she has done it in retaliation for such 
attacks on her corporations in other States." 



APPENDIX. 243 



The Massachusetts Reports — 1859 to 1865. 

The public demand for the official Reports of the Depart- 
ment has completely exhausted nearly every edition thus far 
published, and only scattering volumes are now obtainable, 
and these but rarely. The earlier editions were comparatively 
small, those of later years numbering, for Part I., three 
thousand, and for Part II., four thousand copies. In order 
to meet the continued demand, the Hon. Elizur Wright col- 
lected and republished in one volume the Life Reports pre- 
pared by him during his administration as one of the Insurance 
Commissioners of the State. In his introduction to this 
volume, Mr. Wright pertinently remarks : — 

" The ordinary reader may marvel wh} T a series of documents so 
dr} T and necessarily discursive and repetitious as these Reports 
should be gathered in this form, but he will cease to do so when he 
has searched book-shelves for information on their subject-matter. 
He will not find much in print which is not either too grossly parti- 
san or too profoundly scientific to be of use to him. In the absence 
of a popular treatise in which the science of life insurance is faith- 
fully and thoroughly interpreted, these annual attempts to throw 
some light, both on the theory and practice, may be of service." 

This edition of Collected Reports proved a valuable contri- 
bution to the insurance interests of the State and of the 
country, but it was long since exhausted. No attempt has 
yet been made, however, to reproduce either this or other 
volumes of the Reports now out of print. 

Second Reorganization of the Department. 

From 1858 to 1866 the Department remained in charge of 
a Board of two Commissioners, but under the provisions of 
Chapter 255 of the Acts of 1866 the Board, as then consti- 
tuted, was abolished, and one Commissioner substituted there- 
for. The following is the Act named : — 

An Act in relation to the Appointment of an Insurance Commissioner. 
Be it enacted, &c., as follows : 

Sect. 1. The governor, b}- and with the advice and consent of 
the council, shall appoint some suitable person to be insurance com- 



244 APPENDIX. 

missioner, who shall, unless sooner removed by the governor, hold 
his office for the term of three years from the date of his commis- 
sion, and until his successor is appointed and qualified. 

Sect. 2. The insurance commissioner appointed under this act 
shall have all the powers, and discharge and perform all the duties, 
now by law vested in and to be performed by the present board of 
insurance commissioners. He shall receive an annual salary of two 
thousand dollars, which shall be in full payment for his services. 
He may appoint a clerk, who shall receive an annual salary of one 
thousand dollars ; both of which salaries shall be paid quarterly out 
of the treasury of the Commonwealth. 

Sect. 3. The present board of insurance commissioners is hereby 
abolished. 

Sect. 4. This act shall take effect on the first da} T of Jul}' next. 

Approved May 23, 18G6. 

In accordance with this statute, Hon. John E. Sanford was 
appointed and confirmed as Insurance Commissioner from 
July 1, 1866, and held the position till his resignation, Novem- 
ber 1, 1869. During his term of office, the volume of business 
transacted by the Companies under his supervision attained 
almost startling proportions. Referring to its remarkable 
growth, especially in the life department, Mr. Sanford says 
in his first Report : — 

"The insurance effected during the last }-ear alone (1866) is 
nearly three times the whole amount of old and new insurance out- 
standing in 1858,* when the public valuation of policies was first 
undertaken under the laws of this State 

" The business is now actually more than doubling itself every 
two years. A progress so rapid, and represented in its results by 
figures of such magnitude, is wholly without a parallel in the history 
of philanthropic or commercial enterprise." 

Twelfth Annual Report. 

Insurance under /Supervision. 

In Part L, of this Report, Mr. Sanford thus refers to the 
improved condition of the business of insurance, consequent 
upon the efficient administration of the laws : — 

*The amount of life insurance outstanding in 1858, was §1 16,4S2,196 ; at the close 
of 1866, it was $871,863,925, — the latter more than doubling during the remainder of 
Mr. Sanford's term. [Ed. 



APPENDIX. 245 

" It should also be said, that the instances where the confidence of 
our citizens has been misplaced in Companies from abroad, regularly 
admitted to do business here in compliance with our laws, have 
grown of late } T ears to be quite rare. Some unfortunate exceptions 
will of course be remembered ; but the time when Stock Companies 
with every recommendation except capital and honesty, and Mutual 
Companies with high sounding names and gilded prospectuses and 
nothing else, were accustomed to invade the State with comparative 
impunity, only to defraud the houseless of honest claims for loss, 
and vex the simple-minded and confiding with endless assessments, 
has substantially passed awa}\ That such is the fact is largety to 
be attributed to the thorough and energetic supervision which has 
been exercised by the Insurance Departments of this and other 
States. We may also take to ourselves some credit, that no such 
vulture as a fraudulent Insurance Company has been hatched under 
the cover of our laws, at least within very recent memoiy , to prey 
and fatten upon contributions iniquitously levied upon the citizens 
of other States." 

Valuation of Policies, 

On this subject, Part II., of the same Report, appropriately 
remarks : — 

" The necessity of the valuation to an effective supervision, arises 
from the peculiar uature of the business of life insurance. In this 
peculiarity lies its greatest danger, — the opportunity for fraud or 
fatal error. Life insurance reverses the laws which govern all other 
commercial enterprises and investments. In the latter, the expendi- 
ture comes first, and the profits, if an}^, come afterwards. In the 
first 3'ears of a Life Insurance Company, its treasury overflows with 
the incoming premiums, while its liabilities are postponed for the 
lifetime of a generation. For more than thirty years it furnishes a 
constant margin for plunder or perversion of its funds, while its 
ultimate failure, though certain if the opportunit}' is improved, is 
still remote. Unless its condition is probed by some decisive test, 
it exhibits no necessarj- sj-mptoms of its insolvency until the claims 
by death begin to equal or exceed the premium receipts ; and this 
period will not ordinaril}- be reached until nearly forty years from 
its start." 



246 APPENDIX. 

Thirteenth Annual Report. 

Premium Reserve. 
Part I., of the Thirteenth Report, presents the following 
pertinent suggestions upon this vital subject : — 

" In determining how much of the premiums on outstanding risks 
a Company should be held to reserve, the question is not one of 
mere present solvency. It is to be looked at rather in the light of 
the stability of the Company, and the security due to the public. 
Solvency must not be confounded with soundness. A Company 
which has funds enough to pay its debts and purchase reinsurance 
of its risks, is solvent, in the sense that it does not require to be 
put into the hands of a receiver ; but it may come very far short of 
being sound enough to be officially indorsed, and recommended to 
the confidence of the public." 

Fraudulent Insurance. 
From its first organization, the Department has been called 
upon to enforce the statutes for the prevention and punish- 
ment of insurance in fraud of law. Speaking of this unwel- 
come duty, the Thirteenth Report says : — 

" The ranks of the insurance profession grade down from the best 
types of character and capacit}', through all the degrees of humbug 
and knavery, — fortunately in a descending series. There are men 
unscrupulous enough to take in violation of law premiums for insur- 
ance which at the best is hardl}* worth the paper it is written on, 
and then cheat the Compan} r out of the money of which they have 
robbed the insured. Innocent people have supposed themselves 
securely protected, while the premium had never got beyond the 
pocket of the agent or broker, and in a double sense they were 
never insured at all. 

" Ninety-nine one-hundredths of all the insurance done in contra- 
vention of law, is done by Companies that not only have not been, 
but could not be, admitted and recognized as sound Companies. 
No honest agent cares to do this contraband business ; and no 
responsible agent will dare to, because he makes himself personally 
liable on every polic} T he delivers or transmits. Assuming the Com- 
pany to be solvent, the insured is obliged to go out of the State to 
pursue his remedies in case of loss, at a cost and inconvenience 
which make his insurance of little value." 



APPENDIX. 247 

Many similar and pertinent selections might be made from 
this and other Reports, did space permit ; but only enough are 
cited to show the character and aim of the Department admin- 
istration. 

The Standard of Legal Soundness. 

In the Act of 1863, chapter 148, it is provided, that when 
the actual funds of any Life Insurance Company doing busi- 
ness in this Commonwealth are not of a net cash value equal 
to its liabilities, counting (as such) the net value of its 
policies according to the Massachusetts standard, it shall be 
the duty of the Commissioner to give notice to such Company 
and its agents to discontinue issuing new policies within this 
Commonwealth until its funds have become equal to its liabil- 
ities, valuing its policies as aforesaid. In a case involving 
the legal soundness of a Company under this Act, cited in Part 
II., of the Thirteenth Report, Commissioner Sanford ruled 
as follows : — 

" The question is, whether the guarantee capital is to be treated 
as a liability within the meaning of this statute, so that, if the 
capital is impaired, the Company cannot do business in this State. 
It seems very clear that it should not. The Act was designed for 
the protection of the public against Companies unsound as regards 
the securit\ T due to policy-holders. The capital, as regards policy- 
holders, is not in any proper sense a liability, and the stockholders 
it leaves to look out for their own interests." 

Distribution of Surplus. 

The same Report contains a valuable discussion of this 
important subject, but too lengthy for quotation. In 1866, 
twenty-one of the Companies doing business in this State were 
in possession of a divisible surplus of $7,595,672 belonging to 
their policy-holders. The method of its distribution became, 
therefore, a practical question, not of usage, precedent or con- 
venience, but of equity and right. Of the two essentially 
different methods considered, the " Percentage Plan " and the 
"Contribution Plan," the Report favors the latter as best 
adapting itself to the incidents of each policy, giving to each 
of the insured the surplus which his money has earned or 
created, and, therefore, harmonizing with the fundamental 
processes of life insurance. 



248 APPENDIX. 



Insurance Legislation Continued. 

Acts 1866, c. 33 : An Act iii relation to the Distribution of Surplus Funds 
of Life Insurance Companies. 

Authorizing distribution annually, or once in two, three, 
four or five years. 

Acts 1867, c. 121 : An Act concerning certain Manufacturing Corpora- 
tions in Fall River. 

Authorizing certain corporations to unite for mutual insur- 
ance. 

Acts 1867, c. 267 : An Act relating to Insurance Companies. 

Extending the provisions of all general insurance laws to 
all Companies, associations and individuals formed or asso- 
ciated in foreign countries ; regulating the filing of annual 
statements ; establishing fees for examination of Companies ; 
regulating the issue of licenses and fees therefor ; fixing the 
bond of the Commissioner ; providing compensation for actu- 
arial services, etc. 



Acts 1868, c. 165 : An Act explanatory of an Act to levy Taxes on certain 
Insurance Companies. 

[See, also, c. 283 of 1868, on the same subject.] 

Acts 1868, c. 317 : An Act relating to Insurance Companies. 

Extending provisions of all general insurance laws to Com- 
panies, associations and individuals formed or associated in 
other States, whether incorporated or not ; making directors 
of Mutual Companies liable for debts unless assessment is laid 
within six months after losses or expenses become due and 
payable ; and forbidding Mutual Marine Companies to issue 
policies unless half their capital is paid in in cash. 

Acts 1869, c. 93: An Act concerning Insurance Brokers. 

Providing that every person acting or aiding in any manner 
in negotiating insurance, placing risks, or effecting insurance 
for any person other than himself, receiving compensation 
therefor, and is not an officer, agent or sub-agent of the Com- 
pany or Companies in which such insurance is effected, shall 
be deemed to be an insurance broker, and shall not act as 



APPENDIX. 249 

such broker without authority from the Commissioner, under 
a penalty of five hundred dollars. 

Acts 1869, c. 434 : An Act providing Compensation for Clerical and 
Actuarial Service in the Insurance Department. 

Fixing the salary of the Commissioner's chief clerk at two 
thousand dollars, and allowing the Commissioner to' retain, 
for his own actuarial services, one-fifth of the fees received 
for the valuation of life policies, after payment of all salaries 
and expenses therefor, provided the one-fifth so retained does 
not exceed three thousand dollars in any one year. 

Fourteenth Annual Report. 

Present and Prospective Liability. 

The Massachusetts Insurance Reports abound in statistics 
and suggestions designed as a warning against the reckless 
and dishonest management of insurance interests. Referring 
to the fifteen hundred and sixty-seven millions of prospective 
policy indebtedness carried by the Life Companies doing 
business in Massachusetts at the close of 18(i8, and the one 
hundred and seventy-five millions of dollars then in hand 
to meet this immense amount, Part II., of the Fourteenth 
Report, truthfully says, that, measuring the probable duration 
of these policies by a safe law of mortality, and giving credit 
for the future premiums due upon them, saving a proper 
margin for expenses and contingencies, and allowing for the 
magical power of compound interest to augment and roll up 
the accumulated reserves from past and future premiums, the 
amount in hand would satisfy present liability, and if the law 
of reserve and accumulation were sacredly maintained in the 
future, we might believe, beyond the shadow of a troublesome 
doubt, that every one of these policies would be paid at its 
maturity. The Report then adds : — 

" There is, therefore, a present obligation resting upon ever}' Life 
Insurance Company, of the most sacred and vital character, not to 
encroach upon that portion of every premium received which must 
go to swell a constanth' accumulating reserve fund, enlarged year b\~ 
year b}' additions from new premiums, and so invested that it ma}' 
expand upon itself by the accretions of interest compounded. A 
32 



250 APPENDIX. 

Company which faithfully observes this obligation, is not only true 
to the present, but deals honestly with the future, and is building on 
a rock to which the hopes of another generation may be safety 
anchored. 

"It is owing to the existence of this peculiar danger and duty of 
life insurance, that a frequent probing of the condition of every 
Compan} 7 is necessary, both for the information of the public, and in 
order that the Company ma} T be assured of its own right standing. 
An unsound Company needs, and a sound Company will invite, the 
most thorough and searching tests of its present and prospective 
ability." 

Cooperative Insurance. 

Of this class of insurance, whose introduction into the State 
bad been attempted, the same Report says : — 

" We have not alluded to the attempt to introduce what is known 
as the Cooperative plan of life insurance, because none of these 
schemes to which our attention has been called has had enough of 
equity or stamina to bear the scrutiny of a shrewd common-sense. 
Something of this sort ma} T do well enough as a channel for neigh- 
borhood benevolence while the project holds together, but it cannot 
pretend to have a scientific basis or financial stability. We have 
treated all these schemes as usurping the province of legitimate 
insurance, under whatever guise they have come, and, as they had 
not even the shadow of a guarantee capital, have had no difficulty 
in excluding them from the State." 



o 



Retirement of Commissioner Sanford — Appointment of 
his Successor — Business of the Department, Etc., in 
1869. 

The pressure of private busiuess, and considerations of per- 
sonal health, induced the retirement of Commissioner Sanford, 
November 1, 1869. His administration covered one of the 
most important and successful epochs in the history of insur- 
ance. During his official term of three years and four months, 
its volume of business was more than doubled, and the labor 
and responsibility of the Department bore a corresponding 
ratio of increase, while its working organization became not- 
ably able and efficient. 

The administration of the Department was immediately 
assumed by Mr. Julius L. Clarke, who had been appointed 



APPENDIX. 251 

and confirmed as his successor. At no previous period had 
the business requiring its supervision involved so large an 
amount of complicated and laborious detail, nor demanded a 
more vigilant and energetic surveillance. A faithful enforce- 
merit of the laws regulating insurance had become more than 
ever indispensable for the maintenance of solvency and the 
protection of the insured, as well as of the insuring. The 
policy already inaugurated by the Department required, there- 
fore, continued and watchful observance. 

Within the previous decade, the outstanding fire and marine 
risks held by Companies writing that class of business in 
Massachusetts, had risen from one thousand six hundred and 
seventy-eight millions to nearly six thousand millions ; while 
those doing a life insurance business had increased their out- 
standing risks from one hundred and fifty-one millions to 
nearly two thousand millions of dollars, — making an aggregate 
of almost eight thousand millions of insurance in force at the 
close of 1869. 

Fifteenth Annual Report. 
Investment of Massachusetts Capital. 

At the date just named, two hundred and fifty-five Insur- 
ance Companies were authorized in the Massachusetts field, — 
an increase of seventy-six in ten years. Of the whole num- 
ber, one hundred and fifty-five were from abroad, — ninety 
more than at the commencement of the decade ; while within 
the same period, the nineteen Life Companies had increased to 
sixty-three. Of the outside Companies, eighty-seven were 
from the single State of New York, and twenty from Con- 
necticut ; and against the six Home Life Companies, New 
York alone had thirty-four, Connecticut eight, and other 
States fifteen competitors. 

Referring to the immense income derived by outside Com- 
panies from their business in Massachusetts, their premium 
receipts within the State amounting annually to several mill- 
ions of dollars, Part I., of the Fifteenth Report, remarks : — 

" Without venturing here into the comparative analyses indicated 
by these facts, a single glance will doubtless suffice for important 
inferences from which Massachusetts capital may possibly derive 



252 APPENDIX. 

substantial benefit. Distributed, as it is, so largely among what are 
called ' self-made men,' who have risen from comparative poverty to 
ample wealth by their own prudence, sagacity and ability, it is by 
no means strange that its chronic conservatism should shrink from 
expansion, however strongly guarded by commercial conscience and 
honest} r . Adhering to the good old precepts of integrit}', self-reli- 
ance and business talent, and ignoring all high-pressure tendencies 
to grow rich with a rush, it has nevertheless lost golden opportuni- 
ties which it might have improved without any violation of its own 
moral and financial ethics. Shakespeare's truism, that ' men's judg- 
ments are a parcel of their fortunes,' is as true in its reverse as in 
its converse relations. A failure to judge sagaciously may as read- 
il}' overlook a fortune, as incur disaster. The significance of this 
principle is forcibly illustrated in the insurance field, a confessedly 
free and promising one, affording the fullest scope for the profitable 
employment of home capital, which in advancing its own interest, 
subserves and promotes the public welfare. While, therefore, it 
would be impolitic and unjust to drive away or embarrass outside 
capital ly unfriendly discriminations, it must be acknowledged that, 
in this department at least, Massachusetts capital has been wonder- 
fully successful in failing to possess its fair proportion of the rich 
inheritance, amounting to millions of dollars, which outside compet- 
itors are annually sweeping from its grasp." 

Annual Balance Sheets. 

A portion of Part II., of the Fifteenth Report, is devoted 
to the consideration of various plans for the detection and 
exclusion of the false and fraudulent, and for the application 
of the real and practical, in defining standards of merit and 
testing the safety of life insurance interests. Among other 
propositions looking to this necessary result, the importance 
of annual balance sheets is explained and urged by Commis- 
sioner Clarke, from whose remarks the following extract is 
made : — 

" The business of life insurance has reached a crisis which 
urgently calls for such a test, — a test that shall fairly and clearly 
represent assets actually realized and in possession in distinction 
from assets in expectation. Such a requirement is one of the essen- 
tials in ever} T important and well-managed commercial, mercantile 
or industrial business. It is not less so in that of insurance, espe- 
ciall}- since pending exigencies demand visible and positive proofs 
of honest}- and safety 



APPENDIX. 253 

" If under the maturer development of British actuarial science 
and experience, such methods are deemed necessary and practicable, 
American intelligence and progress should not be found in any 
secondary position. Adopting this view, no objection should be 
made to any test within the limit of fair-dealing and impartial jus- 
tice. If, as some strangely affirm, a balance statement of realized 
assets cannot be intelligibly and correctly rendered in this as in 
other departments of business, we can only feel that the system 
which interposes the obstacles is itself at fault, and that the sooner 
we adopt some other, divested of intangible mysteries and inexpli- 
cable conditions, the sooner our people will be satisfied that finan- 
cial statements are not manufactured to bridge over weak places or 
cover fraudulent practices." 

As the result of efforts on the part of this and other Insur- 
ance Departments, a form of annual statement, constituting 
in itself a practical balance sheet, prepared by Commissioner 
Eow of Michigan, has been successfully introduced, with such 
slight modifications as were necessary to meet some of the 
special requirements of state legislation. 

Cooperative Insurance in the Legislature, and in the Supreme 

Judicial Court. 

The mania for this species of speculation induced persist- 
ent attempts to secure official and legislative sanction, in 
1869-70, in Massachusetts. The specious plea was made 
before the Legislative Committee on Insurance, that the 
scheme was in no sense a system of life insurance, and there- 
fore not subject to the provisions of law regulating that class 
of business. Though deeming it a fallacious and fraudulent 
pretence, the ruling of the Department had distinctly identi- 
fied it w T ith the business of life insurance, and had sought to 
apply the life insurance laws to its regulation. 

The Legislature, also, adopting this view, not only refused 
to permit its existence under special charter, but enacted a 
general statute (chap. 349 of 1870), providing that no cor- 
poration, association, partnership or individual doing business 
in this Commonwealth, under any charter, compact or agree- 
ment involving an insurance, guaranty, contract or pledge for 
the payment of annuities or endowments, or for the payment 
of moneys to the families or representatives of policy or cer- 



254 APPENDIX. 

tificatc-holders or members, should make such insurance, guar- 
anty or contract therein or with any residents of this State, 
except in accordance with and under the conditions and 
restrictions of the statutes regulating the business of life 
insurance. 

Pending this action of the Legislature, a case* had arisen 
in Worcester County, involving the legal status of the whole 
scheme of cooperative insurance, which, being adjudged by 
the lower courts subject to the laws regulating life insurance, 
was carried by appeal to the Supreme Judicial Court of the 
Commonwealth. After careful and patient investigation, the 
decision of the higher court fully sustained not only that of 
the lower, but also the action of the Legislature and of the 
Insurance Department. 

Sixteenth Annual Report. 

Official Exam {nations. 

In citing the newly enacted statute providing for the official 
examination of all Home Companies trieunially, or as much 
oftener as may be deemed necessary, and also of all other 
Companies doing business in the State, Part II., of the 
Sixteenth Report, favors especially the provision which permits 
the Commissioner to use his discretion in making public the 
results of his investigations. Believing that all interests are 
best served in the adoption of such a policy, except when 
summary procedure is absolutely necessary, the Report 
observes : — 

"No Company, however well established its reputation and 
solvenc}', can pass the ordeal of an official investigation without 
serious embarrassment, unless such investigation is wisely and 
cautiously conducted, especially to prevent sensational results, false 
rumors and unnecessary public distrust. Otherwise irreparable 
injur}' may be inflicted, not only upon a Company and its patrons, 
but upon the business in which both have important mutual inter- 
ests The proper and legitimate protection of an honorable 

and well-managed Company, even in many of the financial exigencies 
which envious rivalry might employ to its discredit and ruin, is 

* Commonwealth vs. Wetherbee. The decision of the Supreme Court in this case 
is reprinted in full in the Massachusetts Life Report of the present year, 1S76. 



APPENDIX. 255 

practically and effectually a protection of its policy-holders. Hence, 
unnecessarj' publicity of pending investigations, and the indiscreet 
disclosure of results half developed and understood, inevitably 
entail a legacy of misconception, distrust and injustice." 

Dishonest Competition, 

Commenting upon the questionable and often deceptive 
resorts of some insurance agents in their competition for 
business, as an evil tending directly to the promotion of 
distrust and fraud, and demanding unqualified rebuke, the 
Report just quoted expresses this view : — 

" These disreputable and degrading appliances are not onl} T 
damaging the business and weakening public confidence, but the 
polic} T -holder, deceived by such chicanery, is too often led to feel 
himself victimized and defrauded. The practice referred to is a 
great and growing evil, and the interests of life insurance demand 
its unqualified condemnation, even in this public and official manner. 
. . . . No Company true to itself and loyal to its patrons can 
afford to countenance, either covertly or openly, through its agents 
or its published literature, any representations tending to deceive or 
mislead. No Company can afford to offer inducements which it 
will not sacredly regard, nor make pledges which it will not strictly 
fulfil. Every Company should be held responsible, in law and 
equit} T , for the business transactions of its own agents, when acting 
in its own behalf. The best interests of insurance, and the cred- 
itable reputation of Companies, demand nothing less, certainly not 
in Massachusetts, and an} T defect in existing statutes in this behalf 
should be sufficient reason for legislative action." 

Insurance Legislation Continued. 

Acts 1870, c. 349 : An Act regulating certain Matters of Insurance. 

Restricting single risks of Foreign Companies to ten per 
cent, of the value of securities deposited with Insurance or 
other State Departments, and with Trustees, etc. ; also regu- 
lating various matters appertaining to fire and life insurance. 

Acts 1871, c. 297 : An Act relating to Insurance Companies. 

Making it the duty of the Commissioner to visit and exam- 
ine, once in three years, and oftener if deemed necessary, 
every Insurance Company incorporated in this Common- 
wealth, in order to ascertain its financial condition, etc. ; 



256 APPENDIX. 

authorizing a revocation of the authority of any Company to 
transact business, when refusing such examination ; providing 
that no Company formed in this Commonwealth shall issue 
policies until authorized by the Commissioner ; also providing 
for the appointment of a Deputy Insurance Commissioner 
and the employment of additional clerical assistance in the 
Department ; and establishing certain rules relating to insur- 
ance fees and taxes. 

Deputy Insurance Commissioners. 

In accordance with the recommendation of Commissioner 
Clarke, the Legislature of 1871 enacted a law establishing 
the office of Deputy Insurance Commissioner. During the 
preceding five years the duties of the Department had been 
supervised by the Commissioner, without any assistance of 
an official character, but with the large and continued increase 
of its business responsibilities, and the additional services 
imposed by nearly every successive Legislature, the aid of a 
Deputy was rendered indispensable. 

Under the provisions of section 6 of chapter 297 of the 
Acts of 1871, the Commissioner was authorized to appoint, 
with the approval of the Governor and Council, and subject 
to removal with their consent, a Deputy Insurance Commis- 
sioner, with a salary of three thousand dollars per annum. 
The first appointment to this new office was tendered to Hon. 
George W. Sargent, one of the Board of Insurance Commis- 
sioners from 1858 to 1866. Mr. Sargent entered upon this 
last service in May, 1871, and continued to fill the office till 
forced to resign in the following year, in consequence of ill- 
health, which soon after resulted in his decease. Hon. 
Stephen H. Rhodes, the present Commissioner, succeeded 
him as Deputy in 1872, and remained in that position till in 
turn he himself became chief of the Department upon the 
resignation of Commissioner Clarke, Jan. 1, 1875. Mr. 
Benjamin C. Dean succeeded Mr. Rhodes as Deputy, but 
resigned, after a year's service, to engage in other business. 
Mr. George H. Long, the present Deputy, succeeded Mr. 
Dean, April 1, 1876. 



APPENDIX. 257 

Seventeenth Annual Report. 

The Great Fire in Chicago, 

A large portion of Part I., of this Report, is taken up with 
a review of the disastrous results of the great conflagration in 
Chicago, which occurred in the previous autumn. Of this 
great national calamity, the Report says : — 

" Chicago marks a memorable epoch in the histo^ of insurance. 
The appalling conflagration which devastated its precincts on the 
8th, 9th and 10th of October, 1871, takes preeminent rank among 
the greatest of all fires on record. It will stand out in history as 
one of the great events of the century. But the startling realities 
of the fier} T holocaust — its scenes of sudden desolation and ruin, its 
fearful exposures and sufferings — have been so full}' and so graphi- 
cally exhibited through journalistic sources, that any detailed refer- 
ence is unnecessary in this connection. The precise aggregate of 
actual loss can never be known. The most reliable data accessible 
can give no very satisfactoiy approximation ; the present range of 
estimate varying from one hundred and fifty to three hundred millions 
of dollars. Assuming even the minimum estimate, the figures pos- 
sess a magnitude in comparison with which, among others, the great 
fires at New York in 1835, 1839 and 1845, at Charleston in 1838, at 
Albany in 1848, at San Francisco in 1850 and 1851, and at Port- 
land in 18G6, almost vanish from sight. In the trying ordeal at 
Chicago upwards of two hundred and fifty Insurance Companies, 
or three-fourths of all the Insurance Companies doing business in 
the United States, were more or less involved. Of these more than 
fifty were rendered bankrupt, and as many more were forced into 
such financial impairment as to compel heavy assessments or other 
measures for immediate relief." 

In a further summing up of results, the Report mentions 
that, in twenty hours, four square miles of buildings were 
swept out of existence. Among the many thousands of 
buildings thus suddenly consumed, were more than fifteen 
hundred of the most substantial structures in the city, together 
with vast stores of valuable merchandise, machinery, grain, 
flour, lumber, furniture, works of art, and other contents. 
For the immense loss involved, the Report estimated truly 
that most of the indemnity would come from the States of 
Massachusetts, Connecticut, New York and Pennsylvania. 

33 



258 APPENDIX. 

As intelligence of the disaster spread, and its extent became 
known, duty demanded prompt action in securing the earliest 
reliable information, in order to relieve anxiety and distrust, 
and restore public confidence in regard to the financial effect 
on the Companies involved. Accordingly, on the 12th of 
October, two days after the fire, the Massachusetts Depart- 
ment issued a Circular requiring from every Company doing 
business under its supervision a sworn statement of its gr 
assets and liabilities, with a separate statement of its Chicago 
losses, as early as the same could be intelligently and fairly 
given. The data thus obtained reached the public in a Special 
Report, which found wide circulation. Its exhibit of the 
financial condition of the Companies reporting to the Depart- 
ment accomplished a valuable purpose in restoring confidence, 
and in suppressing exaggerated rumors affecting the credit 
and solvency of many of the Companies. 

Of the one hundred and ninety-seven Fire, Marine and 
Fire-Marine Companies then doing business in Massachusetts, 
one hundred and six reported losses amounting to $56,573,000 
— more than half of all the insurance represented within the 
burnt district at Chicago. Thirty-nine of these Companies 
were forced into suspension of business, three of them Mas- 
sachusetts Companies, the latter, with twenty other Home 
Companies, reporting losses amounting to $4,471,500, rang- 
ing from a few thousands to nearly half a million each, and 
yet these twenty survivors held a surplus of ten millions after 
providing for every dollar of loss and liability. Of the whole 
one hundred and six Companies, twenty-nine which escaped 
absolute failure were compelled to adopt measures for the 
immediate restoration of their capital or assets, in many cases 
badly impaired. Several of those which went into liquidation 
subsequently reorganized, either under their old or under 
new names and charters, and again entered the field with 
undaunted energy and courage. 

Marine Disasters. 

The year 1871 was also especially disastrous to the Marine 
Insurance Companies under the supervision of the Depart- 
ment. Speaking of the losses of Home Companies, the 
Report says : — 



APPENDIX. 259 

" The disaster to the Arctic whaling fleet, involving the loss of a 
large number of vessels, twenty -three of them Massachusetts vessels, 
— twenty-one from New Bedford and two from Edgartown, — has 
proved a severe misfortune, especially to New Bedford and its 
Insurance Companies. The aggregate loss on the twenty-three 
vessels was nearly 81,200,000, of which $860,000 is reported to 
have been insured almost wholly in the Commercial, Ocean and 
Union, of New Bedford, the latter having about 8625,000, which, 
with other items, swells its total losses for the }*ear to upwards of 
$700,000. The Ocean had nearly $150,000, and the Commercial 
about $75,000. These and other losses sustained and promptly paid 
by the three Companies, during the 3*ear, amounted to $940,000." 

Work of the Department in 1871. 

In addition to the very large amount of extra service im- 
posed upon the Department by the great fire in Chicago in 
1871, the financial affairs of more than seventy Companies, 
Fire and Life, were personally investigated by the Commis- 
sioner and his Deputy, during the year. Speaking of the 
usage of the Department in this connection, the Report adds : 

" Companies applying for admission to the State cannot be per- 
mitted to commence business within its limits until such examination 
is had, and the proper authorit} T given ; and persons appointed as 
agents, and .transacting business within the State, for such Compa- 
nies, prior to their full admission, and without the legal certificate 
of agents' license, render themselves liable to arrest and penalty on 
complaint of an}' citizen cognizant thereof." 

Life Insurance in the United States. 

In a discussion of the past, present and future of life in- 
surance, in which its various stages of progress and expansion 
are specially noted, rising from $382,569,890 in 1864 to 
$1,981,915,920 in 1868, Part II., of the Seventeenth Report, 
expresses this conclusion : — 

" We are of opinion, however, that its rapid development in the 
United States is to be imputed mainly to the operation of the insur- 
ance laws of this Commonwealth, and of some other States. These 
laws have exercised, in a preeminent degree, a controlling and 
healthful influence in shaping and developing the business in this 
country. Hence, the great and marked contrast between its history 
and management here and elsewhere. In the United States, life 



260 APPENDIX. 

insurance has been introduced and has grown up under the sanction 
and authority of a state supervision. It was established in England, 
German}' and France under entirely different auspices. The results 
accruing from this difference have operated largely and constantly 
to the advantage of the American Companies, and have been made 
the most of by them. Their emissaries, stimulated by the promise 
of high commissions, have traversed the country in every direction, 
proclaiming, in printed publication and by personal appeal, in every 
city, town and village, the sanction obtained from state authority by 
the companies the}' represented. Certainly, it is not strange that 
the spread of life insurance should have attained a rate seemingly 
almost miraculous, when heralded as a humane and beneficent insti- 
tution guaranteed and sanctioned by the authority of the States." 

In the discharge of its legitimate functions, the Department 
has spared no effort to make more accessible a knowledge of 
all facts upon which the judgment of private individuals is to 
be exercised, in determining their own rights and interests in 
connection with life insurance. Referring to the new schemes 
constantly devised to secure patronage, the Report says of 
them : — 

" Many of these are utterly worthless. Life insurance is not legit- 
imately capable of so many modifications. It is properly a regular 
and legitimate business, and the various refinements and subtleties 
engrafted upon it have no real merit. The}' may serve fur a time to 
attract public favor, but are destined to a brief existence. 

" The purpose of life insurance is very simple. It is possessed 
of no wondrous or miraculous powers. Novel pretensions and 
ingenious devices, half explained and half understood, are too ofcen 
mere attempts at imposition, and designed to take advantage of 
public ignorance. But the mischief is not confined to the disap- 
pointment of patrons. The officers of Companies themselves often 
labor under an honest delusion and error, unmindful that their 
departure from the simple, regular and legitimate mode of business 
must almost invariably end in complications and embarrassments. 
Funds appertaining to different forms of policies cannot in actual 
practice be kept distinct, and will consequently be subject to arbi- 
trary disposition ; while all nice and conscientious appreciation of 
the limit of official power will be lost, and a proper sense of respon- 
sibility blunted." 



APPENDIX. 261 

Insurance Legislation Continued. 

Acts 1872, c. 223 : An Act in relation to Foreign Insurance Companies. 

Reducing the tax paid by Foreign Companies on premium 
receipts to the same as that imposed upon Home Companies. 

Acts 1872, c. 230 : An Act to change the Method of Voting in Mutual Fire 
Insurance Companies. 

Acts 1872, c. 325 : An Act in relation to certain Matters of Insurance. 

The more important provisions of this act forbid any Com- 
pany to write risks in this State, unless its paid-up capital 
amounts to $100,000 ; excludes stockholders' notes or obliga- 
tions from the assets of Companies doing business with 
specific capital, unless secured by certain specified collaterals ; 
authorizes the Commissioner to appoint attorneys or general 
agents of outside Companies, under certain circumstances ; 
and reaffirms in an amended form the act of 1870, relating to 
cooperative insurance. 

Acts 1872, c. 362: An Act in relation to the Compensation of Receivers of 
Insolvent Insurance Companies. 

Directing the Supreme Judicial Court to fix compensation, 
and repealing the previous statute in relation thereto. 

Acts 1872, c. 374 : An Act to provide Additional Clerical Assistance in the 
Insurance Department. 

Acts 1872, c. 375 : An Act to authorize the Formation of Insurance Com- 
panies, and for Other Purposes. 

The legislation embraced in this enactment was prompted 
mainly by the excitement and distrust produced by the great 
fire in Boston, in November, 1872, and the embarrassment 
and failure of so many Insurance Companies, in consequence 
of heavy losses occasioned thereby, which, in connection with 
other serious results of the great public calamity itself, led to 
the assembling of a Special Session of the Legislature.- The 
act provides for the establishment, under stringent conditions, 
of Insurance Companies without special charter, its twenty or 
more sections being largely occupied with the details of their 
organization. Among its important provisions, the act author- 
izes the organization of Mutual Fire Companies, with a 
guarantee capital of not less than $100,000, nor more than 



262 APPENDIX. ' 

$300,000 ; and Mutual Marine Companies with a permanent 
fund of not less than $400,000 ; forbidding purely Mutual 
Companies to issue policies till $500,000 has been subscribed 
to be insured ; regulating the amount and payment of divi- 
dends ; authorizing cities and towns of less than four thousand 
inhabitants to form themselves into Insurance Compani 
providing for the establishment of fire insurance districts in 
cities and towns having more than four thousand inhabitants, 
and limiting the amount which Companies may write within 
such districts. 



Eighteenth Annual Report. 

The Great Fires in Boston. 

Part I., of this Report, like that of its immediate predeces- 
sor, devotes many pages to the disastrous conflagrations fol- 
lowing the great fire in Chicago, in 1871, especially those in 
Boston in November, 1872, and May, 1873. No epoch in 
the history of American underwriting had ever developed 
such a startling succession of conflagrations, great and small, 
noticeably increasing in number, and preeminent in devasta- 
tion and ruin, as the two most eventful years, 1871 and 1872, 
fearfully supplemented also during a large portion of 1873. 
As these experiences are of centennial importance, and inti- 
mately associated with the history of the Department in those 
years, some of the statistical records which it compiled are 
worthy of transfer to these pages. Of the fire epidemic of 
1872, the Report here cited remarks : — 

" The value of property consumed in 1872, though less than in 
the previous }^ear, reaches an enormous figure. In the roll of cities 
and States, Boston and Massachusetts lead off with the largest 
aggregate loss, while others follow with an extraordinary array of 
destructive fires. The actual losses in Massachusetts, including of 
course the great November fire in Boston, average for the whole 
year very nearly a quarter of a million dollars per day ; while the 
average for the entire United States, computed from statistics 
carefully collated week b} T week, exceeds 8493,000 per day, or nearly 
one hundred and eight} T millions of dollars for the year. Of this 
heavy loss but little more than fifty-five per cent., or about one 
hundred millions, can be reckoned as covered try available insurance, 



APPENDIX. 263 

the remaining eighty millions being uninsured, or lost through the 
failure of Companies to meet their obligations." 

It is proper to add in this connection that the defective and 
dangerous architecture, with the narrowness of the streets 
and the great height of the buildings, which formed a distinct- 
ive feature of the Boston " burnt district," contributed largely 
to the rapid spread of the flames, and of course to the augmen- 
tation of the loss. This danger had been foreseen, and the 
calamity foretold, both at home and abroad. 

A remarkable incident deserves record here. Only a few 
hours prior to the occurrence of this great fire, the Massachu- 
setts Commissioner was completing in Liverpool his official 
examinations of the financial condition of English Insurance 
Companies doing business in the United States. In his inter- 
views with two of the prominent English underwriters asso- 
ciated with two of these Companies which were heavily 
involved in the Chicago fire, he was reminded by them, with 
singular and prophetic foresight, that the next great tire of 
the century might be looked for in Franklin and Devonshire 
streets, and their surrounding localities, in Boston ! Upon 
explanation, it appeared that they had recently procured per- 
fect and elaborate plans of several American cities, showing 
streets, lanes, alleys and structures, with their surroundings 
and exposures, as well as their means of protection against 
fire. Their inferences, particularly in reference to Boston, 
were inevitable, prompting a large and speedy cancellation of 
risks, which would have been completed had the calamity 
been delayed a short time longer. 

As in the case of the Chicago fire, and as usual on the oc- 
currence of great calamities, rumor was everywhere busy and 
wild with false or exaggerated statements grossly misrepre- 
senting losses and impairments, and creating public alarm. In 
order to secure reliable data at the earliest practical moment, 
and thus relieve as far as possible all existing anxiety and 
doubt relative to the condition of insurance risks within the 
precincts of the conflagration, Deputy Commissioner Rhodes, 
to whose charge, in the absence of the Commissioner, the ser- 
vices of the Department had been for some months intrusted, 
promptly addressed a circular letter to the Companies in- 



264 APPENDIX. 

volved, asking from them the proper and necessary informa- 
tion. The statistics thus obtained were made public in due 
time, and with good results. 

In a brief historical recapitulation, it may be stated that 
upwards of sixty acres of buildings were destroyed by this 
fire, involving nearly a thousand business firms, and the 1 
of almost, if not quite, seventy millions of commercial and 
other values. One hundred and ninety-two Insurance Com- 
panies, as shown by the records of the Department, were 
losers to the amount of fifty-six millions of dollars, after their 
losses had been adjusted. Of these, fifty-two were Mas 
chusetts Companies, losing nearly thirty-five and a half mill- 
ions, in sums ranging from a few hundreds to almost three 
millions of dollars. Thirty-two Companies, rendered insol- 
vent by this fire, were compelled to close their doors, twenty- 
six of them Massachusetts Companies; viz., four Mutuals 
and twenty-two Joint Stock, leaving only eleven survivors of 
the latter class. Of the whole fifty-six millions of adjusted 
losses, the insured realized nearly seventy per cent., the 
remainder being a total loss. 

Of the twenty-six Home Companies which succumbed under 
this disaster, ten or twelve had won the reputation of veteran 
underwriters. The Massachusetts Mutual Fire, dating back 
into the last century, was just entering upon its seventy-fifth 
year, and the Mechanics' and the Union, of the same el. 
had been in business respectively thirty-six and thirty years. 
Among the Joint Stock Companies, the Merchants' was the 
oldest, having commenced business in 1817. Next was the 
Manufacturers', dating from 1822 ; then the Franklin, from 
1823 ; the Boston and the Washington, from 1824 ; the Boyl- 
ston, from 1825 ; the Firemen's and the Neptune, 1831 ; and 
the National, 1832. 

A few pages further on, the Report describes the destruct- 
ive conflagration of May 30, 1873, as contributing another 
historic chapter to the fire record of Boston. Rivalling in 
magnitude all its predecessors of the century, save that of 
November, 1872, its destruction of two or three acres more 
of buildings, involved, with their contents, an estimated loss 
of a million and a half of property, insured for upwards of 



APPENDIX. 265 

$1,100,000. Though in some cases heavy, the losses by this 
fire were not sufficient to endanger the safety of the Compa- 
nies among which they were distributed, although absorbing 
nearly eighty per cent, of the premium receipts on their 
Boston business since the commencement of that year. 

Official Examination of Foreign Companies, 

As far back as 1870, the Massachusetts Department had 
decided to institute a personal investigation into the financial 
affairs of the Foreign Insurance Companies transacting busi- 
ness within the Commonwealth. Massachusetts having been 
the first State in the Union to establish a government super- 
vision of insurance interests, it was fitting that she should 
secure and communicate information so necessary and desir- 
able to the American patrons of Foreign Companies. 

The general condition of insurance in the United States, 
and the apparently growing distrust in the integrity and 
safety of insurance organizations, both Fire and Life, rendered 
such personal knowledge more and more necessary. And 
while American Companies were holden to a strict compli- 
ance with the established rule of investigation, there was no 
good reason for ignoring it in favor of those incorporated or 
organized under foreign governments, so long as the latter 
were applicants for business in the United States. 

Various circumstances interposed delay. Meanwhile the 
experiences at Chicago, and other considerations of public 
interest connected with the business of American underwrit- 
ing, combined in demanding the earliest possible accomplish- 
ment of the proposed investigation. It was accordingly 
carried into effect during the summer and autumn of 1872, 
no examination having been before or since made by an Amer- 
ican Department. - The investigation in each case was com- 
plete and searching, in one instance occupying several weeks 
with the aid of assistants specially employed, and every pos- 
sible facility was rendered by the Companies to make the work 
in all respects satisfactory and conclusive. The financial 
statements of the several Companies were fully verified, and 
the results, with a sketch of the principles of government and 
modes of business appertaining to the administration of each, 

34 



266 APPENDIX. 

were made the subject of special record in the Report for 
that year. 

Various Life Insurance Topics. 

Part II., of the same Report, invites the attention of the 
Legislature to various important matters then exciting public 
interest; viz., The necessity of a more equitable and effective 
form of legislation governing the admission of life insurance 
organizations into the State; "Unrealized Assets"; rf The 
Standard of Reserve"; "Premium Rates"; "Deposit and 
Savings Bank Life Insurance" ; "Surrender Values " ; "Po\n 
of Insurance Officers"; "Amalgamations and Reinsurances"; 
the latter reviewing the English practice in comparison with 
the American, of which last the Report says : — 

" In this countiy the managers endeavor, whenever they can, to 
obtain a surrender of the old polic}' and to issue a new one in its 
place. The controversies which have given so much trouble in 
England ma}- possibly in this wa}' be avoided. Nevertheless, the 
grievance of the policy-holder remains substantially the same. He 
is practically placed in a position in which he is compelled, whether 
he will or no, to accept the responsibilit}- of a different Company 
from that with which he formed his contract. 

" Worse than this, he is compelled in man}' cases to accept a new 
policy which provides among other conditions, that if a claim arises 
under it, and is disputed b}' the Company, such claim shall be prose- 
cuted in the State in which the Company has its corporate existence. 
The policy-holder, or his representative, is thus deprived of the right 
to bring his suit, as in other cases, before a Massachusetts court." 

Insurance Legislation Continued. 

Acts 1873, c. 141 : An Act in relation to Taxation of Insurance Companies. 

Revising the existing system of taxation, and adopting a 
more equitable standard. 

Acts 1873, c. 142 : An Act for the Prevention of Fraudulent Insurance. 

Providing that half the fine imposed be paid to the com- 
plainant.. 

Acts 1873, c. 177 : An Act relating to Dividends of certain Mutual Fire 
Insurance Companies. 



APPENDIX. 267 

Amending section 11 of chapter 375, Acts of 1872, by 
inserting five wherever six occurs. 

Acts 1873, c. 182 : An Act in addition to An Act to authorize the Forma- 
tion of Insurance Companies, and for other purposes. 

Authorizing Joint-Stock Companies to take Marine risks 
when their capital has been increased to $300,000. 

Acts 1873, c. 331 : An Act to establish a Standard Form of Insurance 
Policies. 

Resolves 1873, c. 20 and 40 : Authorizing the Lease and Refitting of a 
Building for the Insurance and other State Purposes. 

The offices assigned to the Insurance Department in the 
State House had long been insufficient for the accommodation 
of its largely increased business and clerical force. Conse- 
quently, under authority delegated by the Resolves here cited, 
an eligible building was rented and fitted up for the use of 
the Department, in Pemberton Square, the apartments not 
required for its use being assigned for other state purposes. 



Nineteenth Annual Repokt. 

Part I., of this Report, is largely occupied with the consid- 
eration of the existing exigencies of fire insurance, the reduc- 
tion of hazards, losses from over-insurance, the demand for 
increase of insurance capital, the necessity for more perfect 
and comprehensive fire insurance statistics, and other topics 
of paramount importance. The Department had labored long 
and earnestly in collecting and disseminating information in 
regard to these and many other interests connected with the 
business under its supervision, and, in connection with the 
National Board of. Fire Underwriters, its Commissioner had 
secured the insertion of several important interrogatories into 
the blanks used for the state census of 1875, looking to the 
elimination of more complete and authentic statistics relative 
to certain classes of risks. The special purpose of these 
efforts and inquiries was to compass, if possible, a still broader 
range, extending wherever insurance has prestige and expe- 
rience, and giving results of more general and world-wide 
significance, to be known and read of all. The Department 
has ever held, that, in the best and broadest sense, such a 



268 APPENDIX. 

work would become comprehensive and complete, especially 
in exposing the defects of existing theory and practice, evolv- 
ing new experiences and new issues, introducing harmony of 
view and procedure, facilitating effective cooperation among 
insured and insuring, and thus unfolding and quickening a 
better polity and a grander beneficence. 

State Requirements. 

Part II., of the Nineteenth Report, in commenting on this 
subject, notes among other encouraging evidences of the 
increasing solidity of some of the American Life Insurance 
Companies, the important fact that they have begun to extend 
their business into foreign countries, especially in England, 
the home, as it were, of life insurance. 

The discussions incident to these proceedings have thrown 
a strong light upon some of the advantages peculiar to the 
American system, showing that more, perhaps, than any other 
kind of business, life insurance lives upon public confidence, 
which is created in large measure by the system of w State 
Supervision " established in America. The most important 
and distinctive feature of this system is shown to be the attain- 
ment of advantages looking in that direction, by the establish- 
ment of different State Departments demanded by the federa- 
tive principle on which our government is based, each Depart- 
ment serving as a check upon all the others, while all are 
active in the discharge of their duties, without which there is 
practically in this country no real check or control whatever 
exercised over insurance organizations. 

This view of the subject was pressed with great force in 
England by one of the leading American Companies, when 
seeking admission to transact business there, and in support 
of its plea an official opinion was given by the President and 
other prominent gentlemen associated with the English Board 
of Actuaries. As their opinion reaffirms the views so often 
presented in the Reports of the Massachusetts Department, 
and which entered so largely into the legislative discussions 
incident to its establishment, a single paragraph may be per- 
tinent here. A part of the opinion is, in substance, as fol- 
lows : — 



APPENDIX. 269 

" The powers of the Insurance Superintendents of twent}--five 
separate States, if properly exercised, afford a substantial protection 
to the insured, that Life Insurance Companies in an unsound con- 
dition will not be allowed to continue their business. And we 
think that the necessity which exists of submitting the affairs of a 
Compan}' to the independent examination of the officers of separate 
States, affords a substantial guarantee to the insured that the 
resources of a Company are unimpaired, inasmuch as not only is the 
examination of one State a check upon that of another, but every 
Company is compelled to conform to the highest standard of solvency 
that any single State may impose" 

This is an English form of statement ; but of course it is 
understood that if a Company is financially unable to conform 
to the highest standard of solvency, it can (taking its own 
chances in securing public confidence) confine itself, so long 
as its ability will permit, to States which adopt a lower one. 

Amalgamations, 
Among other vital questions treated of in the same Report, 
that relating, to amalgamations is further considered. The 
operation of existing laws, the usage of impaired Companies, 
and the gross imposition so often practised upon their policy- 
holders, in cases of actual or impending insolvency, are 
reviewed at some length. In reference to this matter, the 
following: view's are advanced : — 



•n 



" The proper protection of the rights and interests of our own 
citizens through the agency of the government of the State, is the 
object more particularly within our province. The Legislature will 
readily perceive that such protection with reference to Companies 
organized in other States, is a problem of great difficulty, inasmuch 
as it does not possess the same power over these Companies, as 
over those which owe their existence to its authority. It cannot, 
in the former, require that an amalgamation shall be authorized 
beforehand by the Insurance Commissioner of this State. The 
Legislature might enact that when such a Company attempts a 
reinsurance of all its policies, or, in other words, an amalgamation, 
it shall be considered bankrupt, and be prohibited from issuing new 
policies within this State. But the prohibition would be wholly 
without effect, because when a Company has resolved upon an 
amalgamation, it has, as a matter of course, abandoned all design 
of issuing new policies. If a policy-holder is forced, whether he 



270 APPENDIX. 

will or no, to surrender the insurance to which he is entitled by the 
terms of his contract, he ought, under the particular circumstau 
of the case, to be enabled to recover the full value of the insurance 
of which he is deprived. He would then be able to obtain another 
polic} T equally good in some Company of his own selection. It is 
for the Legislature to consider the practicability of providing a 
remedy." 

It will be seen by chapter 109 of the Acts of 1874, that 
the Legislature provided a partial remedy for the evils com- 
plained of, by forbidding any Massachusetts Company to 
reinsure without permission of the Commissioner. 

Insurance Legislation Continued. 

Acts 1874, c. 108: An Act relating to the Reinsurance of Outstanding 
Risks. 

Authorizing the Commissioner to compute the amount 
necessary to reinsure all outstanding risks, by taking tifty 
per cent, of the premium received on outstanding tire and 
inland risks, aud the full amount received- on marine ri 
not marked off. This rule accords substantially with the 
previous usage of the Department adopted without complete 
statutory provision. 

Acts 1874, c. 109: An Act to regulate the Reinsuring of Risks by Life 
Insurance Companies. 

Providing that no Life Insurance Company organized or 
incorporated under the laws of this Commonwealth shall be 
permitted to reinsure its risks, except by permission of the 
Insurauce Commissioner ; though auy such Company may re- 
insure a fractional part, not exceeding one-half of any indi- 
vidual risk. 

Acts 1874, c. 222: An Act relatiug to Dividends of Joint-Stock Fire aud 
Marine Insurance Companies. 

Authorizing payment of ten per cent, dividends, annually, 
to stockholders ; but permitting issue pro rata to stockhold- 
ers of certificates of actual surplus, the same to be deemed an 
increase of capital stock. 



APPENDIX. 271 



Special Repokts. 

In addition to the regular Annual Reports from the Depart- 
ment, numerous others have also been required from time to 
time by special act or resolve of the Legislature. One of the 
most important of these latter was called for under the pro- 
visions of chapter 45 of the Resolves of 1873, prompted by 
the exceptional exigencies growing out of the great fire in 
Boston, in 1872, and involving the comparative advantages 
of government insurance over those offered by private corpo- 
rations or enterprises. The Resolve, chapter 45 of 1873, 
directed the Commissioner "to investigate the subject "of the 
feasibility of any system of state and municipal insurance, 
and of the necessity of any change in the existing system," 
and report to the Legislature of 1874. 

In order that the subject might be as fully canvassed as 
possible, and at the suggestion of legislators proposing the 
investigation, several gentlemen of large experience as insur- 
ance experts and of high reputation in commercial as well as 
insurance circles, both at home and abroad, were invited by 
Commissioner Clarke to communicate their views for trans- 
mission with the Report. Several able responses, represent- 
ing both the affirmative and negative sides of the question, 
were received and published in the Report, together with 
voluminous data relating to its financial, economic and moral 
aspects. In view of the experiences thus eliminated, the 
Report expresses the conviction that no public exigency 
demands a change in the existing system. It is perhaps 
unnecessary to add, that the petitioners for state and muni- 
cipal insurance had leave to withdraw. 

The many Special Reports required from the Department, 
have included several Codifications and Recodifications of 
the voluminous insurance legislation of the Commonwealth. 
The first was prepared and published by Commissioner San- 
ford, in 1867 ; the next by Commissioner Clarke, in 1870, 
1873 and 1874; and the last by Commissioner Rhodes, in 
1875, — each covering one hundred or more pages. 



272 APPENDIX. 

Retirement of Commissioner Clarke, and Appointment 

of his Successor. 

The resignation of Commissioner Clarke, which had been 
determined upon nearly a year prior to its acceptance, finally 
went into effect January 1, 1875, the Hon. Stephen H. 
Rhodes, who had officiated as Deputy since 1872, succeeding 
to the office of Insurance Commissioner. In addition to the 
unexpired term of Mr. San ford, Mr. Clarke was twice re- 
appointed as Commissioner, and after rendering an aggregate 
service of more than five years, impaired health required 
relaxation and relief from the labors of the Department. 

Under the administration of Mr. Rhodes, the present Com- 
missioner, the business of the Department has been much 
augmented in some of its branches, while the necessity for an 
energetic and vigilant execution of insurance laws has never 
been more urgent. In the continuance of their wise and 
equitable enforcement, the insurance interests of the Common- 
wealth and of her citizens are receiving that needed and efficient 
protection which was contemplated in the organization of the 
Department. 

The Twentieth Annual Report. 

This Report, including Parts I. and II., the first one pub- 
lished by Commissioner Rhodes after assuming the duties of 
his office, presents a full exhibit of the business and financial 
condition of two hundred and sixty-two Companies doing 
business in the State at the beninnimr of 1875. Of these, 
eighty-eight were Home Companies, six of them Life Com- 
panies ; and of the remaining one hundred and seventy-four 
Companies, one hundred sixty-one were from other States, 
and thirteen from other countries. Of the whole number, 
two hundred and twenty-one were Fire, Marine and Fire- 
Marine, and forty-one were Life Insurance Companies. 

In connection with the affairs of these Companies, numer- 
ous statistics of importance are submitted. Among them 
appears an intelligent and suggestive review of the can- - 
which have nearly destroyed the whaling business of the Com- 
monwealth, and involved in bankruptcy so many Companies 
writing risks in that interest ; also a series of valuable tabula- 



APPENDIX. 273 

tions showing the " Cost of Insurance," and the percentage of 
profit on the business. Some other topics are treated of in 
the following quotations. 

Deposit Notes and Assessments, 

In communicating information upon the character of deposit 
notes and the liability of policy-holders thereunder, Part I., 
of this Report, remarks : — 

" There are some points that policy-holders in Mutual Insurance 
Companies should fully understand. One of the most important of 
these is, that a call upon a deposit note is not such an assessment 
as calls for the interference of the courts. The only inference 
which, in the judgment of the Commissioner, can be drawn from the 
decision of the Supreme Court in the case of the Commonwealth by 
the Insurance Commissioner vs. The Dorchester Mutual Fire Insur- 
ance Company, is, that the notes of a Mutual Compan} r are absolute 
funds, and may be called in at any time by the Directors. Such 
calls are to be regulated by the by-laws of the Company, if at all, 
and not by the courts. 

" Another point is, that members of Mutual Companies are a 
power unto themselves. The by-laws provide, or should do so, that 
special meetings may be called at short notice, and when members 
are dissatisfied with the action of their officers, the remedy is in 
their own hands." 

The Prevention of Fives. 
In advocating the enactment of more effective building 
laws, the Report proceeds : — 

" The present high price of insurance is due, principally, to the 
great losses sustained in localities where there is a large aggregation 
of combustible material. It is by no means certain that the present 
rates are adequate to cover the hazard of such risks. The statistics 
of great fires are too limited to afford an absolute law of average. 
The hazard is so constantly changing, that such statistics as we have 
are worthless. The condition of our cities has essentially changed 
within the past twenty-five years, both in the construction and occu- 
pancy of buildings and in facilities for the extinguishment of fires. 
The internal hazard of all risks, considered as detached, can be very 
closel} 7 estimated by men of long experience in the insurance busi- 
ness ; but who can fix a rate for the exposure which one building 
in a city sustains from every other building? .... 
35 



274 APPENDIX. 

" The practical work to be done, to reduce the price and cost of 
insurance, is to diminish the chances of serious conflagrations. The 
initial steps in this direction are to be taken by our legislative 
bodies, their enactments to be enforced by the executive authorities, 
with the cooperation of the Insurance Companies." 

Municipal Insurance. 
Upon this subject, which was so fully discussed in a Special 
Report from the Department in 1874, referred to on a pre- 
vious page, Commissioner Rhodes, in urging the repeal or 
amendment of the law authorizing towns of less than 4,000 
inhabitants to form Companies and insure themselves, when 
$50,000 has been subscribed to be insured, says : — 

" Insurance is based upon a law of chances which is absolute and 
certain, but in order to secure the certainty, a proper number of 
distinct chances must be held. Anything short of this is simply 
gambling, or ' running for luck.' Insurance, to be fa e, must 

cost something, but the cost can be precalculated. ' Luck ' ma}* 
not cost anything, but it may also be very expensive. The statutes 
now provide that no purely Mutual Insurance Company, except the 
class named. above, shall commence business until S500,000 has 
been subscribed to be insured. Why should not this limitation be 
universal? If the sum of 8500,000 is necessan* to secure the 
average of losses, a Company with a less amount at risk incurs the 
hazard of too great a cost of the insurance, and this hazard incre; 
in an inverse ratio as the amount at risk decreases." 

He then proceeds to show from the actual experiences of 
several unfortunate Companies, that the subscription of 
$500,000 is not an excessive requirement. In 1855, the 
Legislature passed an act, incorporating towns and cities into 
Mutual Fire Insurance Companies within their precincts, sub- 
ject to certain conditions, but the act was repealed two years 
later. The act now in force was passed in 1872. 

Improvement in the Business of Life Insurance. 
Part II., of the Twentieth Report, notes a considerable 
reduction in the working expenses of Life Companies remain- 
ing in Massachusetts, as a favorable indication, and adds : — 

•'There is a manifest improvement in the tone of the business. 
By the disappearance of badly managed Companies, which have by 



APPENDIX. 275 

their recklessness demoralized the public, and caused a general 
distrust in regard to the stability of life insurance, the greatest 
obstacle which well-managed Companies have had to contend with, 
is removed. Officers of Companies are wide awake, and fully 
realize their responsibilities. Probably never, within the history of 
life insurance, have there been such determined efforts on the part 
of managers to perfect and strengthen their Companies, as are 
manifest at the present time. Such efforts, if continued, must 
inevitably restore that public confidence which is essential to the 
successful prosecution of the business." 

Vicissitudes of Life Insurance. 

Further on in the same Report, the Commissioner, refer- 
ring to the fact that there is a bright side to life insurance, 
made all the brighter by contrast, and a knowledge of the 
assaults which it has so successfully withstood, gives utter- 
ance to these plain and truthful words : — 

"The failures in life insurance have been the results of gross 
mismanagement, occasioned by incompetency or something worse. 
Few, if any, branches of business ever suffered as this has done 
during the past decade. Reckless managers have wasted its sub- 
stance by extravagant salaries and office expenses ; by foolish, 
fruitless efforts to secure new business ; by dividends, when there 
was no surplus ; by expending money, not to do good, but to avert 
an evil, usually more imaginary than real ; in short, by ways 
almost innumerable. Agents have abused it by misrepresentation, 
and by attempts to build up their own Companies by decrying- 
others. Wreckers have sought to strand it. Pirates have 
endeavored to capture it. Blackmailers have levied upon it. In 
consequence of all this, the weak, inefficiently officered barks have 
foundered ; or perhaps the simile would be more perfect if we say 
that, afcer a partially successful attempt to transfer the passengers, 
to a hulk, in most cases nearly, if not quite, as unseawortlry as the 
one abandoned, the officers have taken to the long-boat and sailed 
away with colors flying." 

Continuing the discussior the Report expresses the belief 
that the management of the safe and honorable Companies 
has been as perfect as could have been reasonably expected, 
and that there is no ground for a reasonable doubt but that 
all such Companies will be able to meet their obligations as 
they mature. 



276 APPENDIX. 

The Savings Bank and other Plans, 

In connection with the preceding topic, the opinion is freely 
expressed, that it is becoming every day more apparent that 
a radical change in the plans of life insurance is demanded ; 
and that in view of the large amount of business already 
acquired, it is very generally believed to be inexpedient or 
impracticable for the old Companies to change their method 
of apportioning the expenses. The Report says this un- 
doubtedly led to the application, made to the Legislature by 
the Hon. Elizur Wright, for a charter for a Company to be 
conducted upon the Savings Bank plan, of which he is the 
author, and also to the organization of one new Company 
in an adjoining State ; and more may be expected in con- 
sequence. 

Of the various schemes or plans for insurance adapted to 
the wants of the masses, that of Mr. Wright, above alluded 
to, and that of Mr. Sheppard Homaus, known as f 'Life 
Insurance without large Accumulations or Reserves," are the 
most prominent at the present time. Mr. Wright's plan, 
with which the public are somewhat familiar, differs from all 
others in several respects ; one of which is, the small margin 
it allows for the expenses of obtaiuing business. 

Insurance Legislation Concluded. 

Acts 1875, c. 27 : An Act authorizing (under certain conditions) the In- 
crease and Reduction of the Capital of Joint-Stock Insurance Compani 

Acts 1875, c. 34 : An Act to extend the Charters of certain Insurance 
Companies. 

Acts 1875, c. 42 : An Act in relation to Mutual Fire Insurance Companies 
created by the laws of other States. 

Giving permission to issue policies in Massachusetts upon 
both the cash and mutual plan. 

Acts 1875, c. 59: An Act to define the Location of Risks to be taken by 
Mutual Fire Insurance Companies. 

Authorizing issue of policies in any of the Xew England 
States, New York, Pennsylvania and New Jersey. 



Acts 1875, c. 72 : An Act to authorize certain Insurance Companies to 
insure against Loss by Fire or Lightning without Limitation of Time. 



APPENDIX. 277 

Acts 1875, c. 79: An Act in relation to the Approval of the Bonds of 
Insurance Agents. 

Authorizing approval by the Commissioner instead of the 
Treasurer and Receiver-General. 

Acts 1875, c. 95 : An Act amending Chapter 222 of the Acts ot 1874, relating 
to Dividends. 

Providing that if any dividends are in future less than ten 
per cent, in any one year, the same may be made up when 
the net profits and income become sufficient therefor. 

Acts 1876, c. 83 : An Act relating to Receivers of Insurance Companies. 

Requiring the Insurance Commissioner to examine the 
accounts of Receivers, and report thereon, and to certify to 
the Supreme Judicial Court any violations of duty. 

Acts 1876, c. 120 : An Act relating to Deposit Notes of Mutual Fire 
Insurance Companies. 

Legalizing notes already taken in certain cases, regulating 
the amount of future notes, etc. 

Acts 1876, c. 210 : An Act to fix the Salaries of the Iusurauce Commis- 
sioner, his Deputy and Clerks. 

The Twenty- First Annual Report. 

Part I., of this Report, contains many valuable statistics 
showing the general condition of the insurance interests of 
the State and country at the commencement of the present 
year, 1876. From these, numerous suggestions are adduced 
looking to needed reforms in the business of underwriting. 

JSfew and Important Statistics. 

On a previous page of this History, reference was made to 
the opportunity afforded by the taking of Industrial Statistics 
in connection with the Decennial Census of the Common- 
wealth, in 1875, to obtain statistics of great value to the 
insured and insuring. The desired statistics have been 
secured, and this Report expresses the belief that they 
furnish a complete schedule of all the manufactories in the 
State, the value of buildings, machinery and average amount 



278 APPENDIX. 

of stock on hand. Of their proposed classification, the Re- 
port says : — 

" This classification will require from one hundred and fifty to two 
hundred distinct groups or classes. The practical use which the 
Department proposes to make of these statistics is this : blanks will 
be prepared and furnished to the chief engineers of fire departments 
and to selectmen or clerks of towns, with the request that they will 
insert in the same such information as may be readily obtained in 
relation to fires which have occurred during the 3'ear in manufact- 
uring establishments in their respective cities and towns, and 
forward the same to this Department. We shall then have the 
statistics for one year, giving the number of various classes- of 
risks ; the number of each class burned during the year ; the causes 
of the fires, so far as known ; the number burned by fires originating 
upon the premises ; and the number destroyed by exposures, or fires 
originating in contiguous property. Such statistics, continued a 
series of years, would be of great value." 

In order to secure annual returns covering information of 
this character, the Report suggests the enactment of a law- 
requiring them to be made to the Commissioner by the 
assessors of cities and towns, the Department furnishing the 
proper blanks. 

Surplus Reserves in Fire Insurance. 

Some portion of Part I., of this Report, is occupied in the 
consideration of exigencies affecting the safety of Fire Insur- 
ance Companies, and their ability to afford indemnity to those 
whose property is destroyed. This was a prominent subject 
before the Legislature of 1872, which, in order to prevent 
the impairment of Companies by heavy losses in great confla- 
grations, provided by law for the division of cities and towns 
into fire districts, and the limitation of risks written therein, 
as heretofore cited in these pages. Upon this point, the 
Report remarks : — 

" Although the motives which prompt legislation in regard to a 
limitation of the risks which Insurance Companies may assume are 
commendable, it is evident that in the present condition of affairs 
much must be left to the discretion of the managers of the Com- 
panies. Considerable reliance seems to be placed in the statutes 



APPENDIX. 279 

which limit the amount a Company may write upon one risk ; but 
until legislators shall define what is meant b}~ ' one risk,' or a 
1 single risk,' such statutes are somewhat like a law prohibiting a 
sane man from acting in an insane manner. The idea of the Legis- 
lature which framed the law of this State relating to this subject 
evidently was, that no Company ought to expose itself to the 
liabilit} T of losing more than one-tenth of its capital in an}- one fire ; 
but the law which they enacted fails to accomplish this desirable 
end/' 

Upon another point referred to in the same discussion, the 
necessity existing after the Boston fire of 1872 of such legis- 
lation as would not only furnish protection to the insuring 
public, but also induce capitalists to engage anew in the insur- 
ance business, the Report adds : — 

" In recognition of this fact, the general law was so framed as to 
compel Companies, before commencing business, to have double the 
amount of paid-up capital that had previously been required ; and 
while in the interest of the policy-holders it limited the dividends 
which stockholders could receive on their investment, it provided 
for a capitalization of surplus, in the interests both of stockholders 
and polic3*-holders ; for in this way stockholders might receive a 
dividend upon the profits of the business, and policy-holders would 
be additionally protected by this accumulation of capital. Sufficient 
time has not elapsed to admit of a fair and full illustration of the 
operation and effect of this law." 

Massachusetts Insurance Companies. 

This History of the Department and its administration 
would be incomplete without some record of the mortuary 
experience of Massachusetts Insurance Companies, — an ex- 
perience which practically represents that of all the American 
States, the mortality among Massachusetts Companies, as well 
as their ratios of profit and loss, corresponding very nearly 
with the experience of Companies incorporated elsewhere. 

Since tbe adoption of the State Constitution in 1780, four 
hundred and thirty-one Insurance Companies have been 
chartered in Massachusetts. Of these, four hundred and 
three have been incorporated by special acts of the Legisla- 
ture, and twenty-eight have been organized under the general 
insurance law of the Commonwealth. Of the whole number 



230 APPENDIX. 

(431), two hundred and twenty-one were Joint-Stock, and 
two hundred and ten were Mutual ; a still further classifica- 
tion showing in all four hundred and six Fire, Marine and 
Fire-Marine, thirteen Life, and twelve Health Insurance 
Companies. 

Again, of the whole number, one hundred and ninety-nine 
were unable to organize for lack of capital or for other 
reasons ; while of the one hundred and thirty which com- 
menced and continued business for longer or shorter periods, 
and finally closed their doors, either from compulsion or other 
cause, sixty-four were Joint-Stock, and sixty-six were Mutual 
Companies. A careful analysis of the history of all these 
Companies, including those which failed to commence busi- 
ness, and those which commenced and ceased, shows a ratio 
of mortality exceeding eighty per cent. ! Of the whole 
number of survivors in 187G, sixty-seven are Mutual, and 
twenty-seven are Joint-Stock, five of the six Life Companies 
remaining being classified with the former. 

Conclusion. 

From the data collated in the preceding pages of this His- 
tory, the intelligent reader can hardly fail to perceive that 
special supervision of insurance, under government author- 
ity, was not inaugurated any too soon. The unprecedented 
expansion of the business, the magnitude of the interests 
involved, and the frequent and inevitable exposure of the 
people to imposition and fraud under a speculative and cor- 
rupt management, demanded — 

First. The enactment of laws specially designed for its 
regulation, and for the protection of policy-holders. 

/Second. An energetic and effective system of supervision 
and registration of all corporate institutions transacting such 
business within the Commonwealth, which should bring under 
rigid scrutiny an annual exhibit of their financial status. 

Third. The establishment of a distinct executive depart- 
ment charged exclusively with the execution of such laws, 
and with the service of supervising, examining and reporting 
the condition of all Insurance Companies authorized within 
the State. 

Such, in brief, were some of the urgent demands, prompted 



APPENDIX. 281 

by the existence of a great public necessity pointing to serious 
if not fatal defects and abuses, whose correction or removal 
could be accomplished only through a statutory and efficient 
supervision. 

History has abundantly proved the wisdom of the legisla- 
tion of 1855, under which the Massachusetts Insurance 
Department was established. From first to last its executive 
officers have labored with honest and earnest purpose, and 
the evidence is voluminous and conclusive that the laws which 
they have administered have largely and successfully con- 
tributed to preserve the commercial honor and integrity of 
insurance interests. Public confidence and security have been 
thereby greatly promoted, and irresponsible and fraudulent 
underwriting has been materially restrained. In short, pro- 
tection and regulation have been successfully achieved. 

The origin, history and progress of the business which 
finally required the supervisory service of the Department, 
have been presented in this History as fully as the allotted 
space would permit. At first, a simple system of loans and 
guaranties, chiefly limited among the ancient Jews, Greeks 
and Romans to marine interests, but subsequently providing 
occasional indemnities in cases of personal captivity and some 
other possible calamities, its field of operation developed no 
very perceptible enlargement for many succeeding centuries. 
Indeed, it was not till near the close of the fourteenth century 
that well established contracts of insurance made their appear- 
ance in the transactions of trade and commerce. Though 
gradually combining new interests and conditions as time 
passed on, yet, as already shown, scarcely three hundred 
years have elapsed since indemnification against the risks of 
commerce and the ravages of fire began to assimilate any of 
the forms of modern insurance. Later still came the intro- 
duction of indemnity against loss of life and health, the 
casualties of travel, the results of accident, and other similar 
interests. 

The various schemes of indemnity provided under ancient 
usage, and largely extended and improved by the Lombards 
and Saxon Guilds, as also those instituted under other author- 
ities and conditions between the beginning and close of the 
seventeenth century, were introduced with more or less of 

36 



282 APPENDIX. 

practical success. From these early experiences have come 
the more perfect and beneficent systems of the present day. 
In the possession of the latter, the interests of commerce and 
industry find protection against the perils of the sea and the 
d si asters of fire, homes and firesides are relieved from the 
presence of want and suffering, and private and public welfare 
is promoted and preserved. 

With its enlarged scope and extended interests, the busi- 
ness of underwriting has necessarily demanded corresponding 
improvement and efficiency in all its branches. In life insur- 
ance, the demand has won its response in the better results 
of a maturer experience and a broader beneficence. In mari- 
time interests, protection and equity have gained practical 
and permanent advance under an improved regime. In fire 
insurance, progressive results have been almost constantly 
evolved and applied, and these have been further stimulated 
and perfected by the aid of many valuable auxiliaries, most 
notable among which is the exchange of primitive methods 
and appliances for steam, electric and chemic forces, now bo 
successfully utilized by well-trained and disciplined fire 
departments, especially in the great cities and populous dis- 
tricts of America and Europe. 

Truly, in all these relations, a great and wonderful revolu- 
tion has been achieved, even within the period commemorated 
by this centennial year. The comparative results of these 
hundred years are manifold in their spheres of growth and 
greatness. Within the same epoch, and in common with 
other great cotemporary enterprises, that which forms the 
special theme of this History has inseparably identified itself 
with the mighty agencies that have so successfully contributed 
to our national prosperity and glory. With all its faults and 
failures, remote or otherwise, no monetary scheme has devel- 
oped greater beneficence and blessing within this memorable 
century, 1776-1876. 



INDEX TO COMPANIES. 



[For Index to General Topics, Tables and Appendix, see Table of Contents prefacing the 

Commissioner's Report.] 



Page 

JEtna Life, Hartford, Conn., 26 

American Popular Life, New York, N. Y.,- 33 

Atlantic Mutual Life, Albany, N. Y., .« 37 

Berkshire Life, Pittsfield, Mass., 2 

Charter Oak Life, Hartford, Conn., 40 

Connecticut General Life, Hartford, Conn., 44 

Connecticut Mutual Life, Hartford, Conn., 48 

Continental Life, Hartford, Conn., 53 

Continental Life, New York, N. Y., 57 

Equitable Life, New York, N. Y., 61 

Germania Life, New York, N. Y., 64 

Globe Mutual Life, New York, N. Y., 68 

Hartford Life and Annuity, Hartford, Conn., 71 

Hartford Accident, Hartford, Conn., 162 

Home Life, Brooklyn, N. Y., 74 

Homoeopathic Mutual Life, New York, N. Y., 78 

John Hancock Mutual Life, Boston, Mass 6 

Knickerbocker Life, New York, N. Y., 81 

Life Association of America, St. Louis, Mo 85 

Manhattan Life, New York, N. Y., 89 

Massachusetts Hospftal Life, Boston, Mass., 10 

Massachusetts Mutual Life, Springfield, Mass., 11 

Metropolitan Life, New York, N. Y., 93 

Mutual Life, New York, N. Y., 97 

Mutual Benefit Life, Newark, N. J., 100 



284 INDEX TO COMPANIES. 

National Life, Montpelier, Vt., 103 

National Life, Washington, D. C, 107 

New England Mutual Life, Boston, Mass., 16 

New Jersey Mutual Life, Newark, N. J Ill 

New York Life, New York, N. Y., 115 

Northwestern Mutual Life, Milwaukee, Wis., 119 

Penn Mutual Life, Philadelphia, Penn 123 

Phoenix Mutual Life, Hartford, Conn., 127 

Provident Life and Trust, Philadelphia, Penn., 131 

Provident Savings, New York, N. Y., v, 135 

Railway Passengers', Hartford, Conn., 164 

Security Life, New York, N. Y 137 

State Mutual Life, Worcester, Mass., 21 

Travelers', Hartford, Conn. (Life Department), 141 

Travelers', Hartford, Conn. (Accident Department), 166 

Union Mutual Life, Augusta, Me., 143 

United States Life, New York, N. Y., 147 

Universal Life, New York, N. Y., 150 

Vermont Life, Burlington, Yt., 153 

Washington Life, New York, N. Y., 156